Ezion Holdings Limited will buy 30% of shares in Rotating Offshore Solutions Pte Ltd (ROS), a Singapore-based private engineering company, for for $13,32 million.
According to the agreement, Ezion, a provider of liftboats for the international offshore oil and gas industry, will subscribe for 321,429 allotted and issued ordinary shares in the capital of ROS, which is 30% of the enlarged share capital of ROS after completion of the Subscription.
Ezion explained the move by saying that ROS’ line of activities will better support the company’s customers on their production support related activities in the offshore oil and gas industry.
“Furthermore, ROS is in a related business that is complementary to but not in competition with the existing business of the Company and its subsidiaries and associated companies,” Ezion said in a statement.
“By also leveraging on the management and resources of each other, both the management of the company and ROS expect this Subscription to place the company and ROS in a stronger position to compete with competitors and explore new growth opportunities as the cooperation between the two companies will increase the customer base of both companies,” Ezion said.
Ezion, based in Singapore, describes itself the as the owner of one of the largest and most sophisticated class of liftboats in the world. The company in which it is acquiring a share, ROS, was established in 2004, and it specializes in manufacturing process systems for the oil and gas, power, petrochemical and the FPSO Industry.