The Board of Directors of Ezion Holdings Limited (the “Company” or “Group”)announced that its joint venture company, “Atlantic Labrador Pte Ltd” (“Atlantic”) has secured a charter contract with a value of up to USD 73.0 million over a 4 year period to provide a North Sea Class accommodation jack-up rig to be used by a European oil major to support its oil & gas activities in offshore Denmark.
Atlantic Labrador Pte Ltd is a company incorporated in Singapore pursuant to a joint venture agreement (“JV Agreement”) between the Group and Treatmil Holdings Limited (“Treatmil”), a European based offshore service company that provides specialized rig management services to the offshore oil & gas and wind industries’ operators in the North Sea. Atlantic will acquire, refurbish, upgrade and mobilize the upgraded accommodation jack-up rig to the North Sea before the end of FY2011.
Atlantic will have an issued and paid up capital of USD 10 million and is owned equally between the Group and its joint venture partner, Treatmil. Accordingly, Atlantic is now an associated company of the Group.
Source:Ezion , June 16, 2011;