Ezion Holdings Limited has announce that it has received a letter of intent with a contract value of up to approximately USD 65 million over a 3 year period to provide a Service Rig to be used by an oil major to support its oil & gas activities in South East Asia.
The Company is in the process of forming a joint venture company to order and own an additional Service Rig in conjunction with the above mentioned project. The Service Rig is expected to be deployed and working in the Southeast Asian waters by late 3Q 2015. The above mentioned project will be funded through internal resources as well as bank borrowings.
Press Release, October 28, 2013