Singapore Based Ezion Holdings Secures Two Service Rig Contracts

The Board of Directors of Ezion Holdings Limited announced that it has secured a charter contract and a letter of intent to provide two Service Rigs to be used by a Southeast Asian based national oil company to support its oil & gas activities.

The charter contract with a value of approximately USD 201 million over a 5 year period is to provide a Service Rig to be used by a Southeast Asian based national oil company to support its oil & gas activities in the Caspian Sea.

The Service Rig is expected to be deployed and working in the fields of Garagel-Deniz (Gubkin), Deyarbekir (Barinov) and Magtymguly (East Livanov) by the 4th Quarter of 2013 after its refurbishment and upgrading.

The Group has also received a letter of intent with a value of up to approximately USD 82.1 million over a 5 year period to provide another Service Rig to support the oil & gas activities of the same Southeast Asian based national oil company. The Service Rig is expected to be deployed and working by 4Q 2014.

The above mentioned projects will be funded through internal resources as well as bank borrowings.

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Source: Ezion, September 25, 2012