Ezion Holdings Limited, a provider of liftboats & service rigs and offshore logistics support services, has completed the sale of the Ezion’s marine supply base business to AusGroup Limited.
The completion of the sale is following the approval granted by shareholders of AusGroup for the expansion of AusGroup’s business into the provision of onshore and offshore marine services.
Ezion currently owns 17.8% of AusGroup’s issued share capital and has acquired 110,000,000 share options, with each Option carrying the right to subscribe for one new ordinary share in the capital of AusGroup at the exercise price of S$0.3675 per Option.
Ezion’s existing Chief Operating Officer and Director, Captain Larry Glenn Johnson, has been appointed as the non-independent and non-executive director of AusGroup since May 20, 2014 to guide AusGroup’s Board on the expansion of AusGroup’s business into the provision of onshore and offshore marine services and proposed collaboration between Ezion and AusGroup.
Ezion says that Captain Larry Glenn Johnson will step down as Ezion’s Chief Operating Officer and Director on November 7, 2014 to focus on the growth and development of the marine supply base business and to accelerate the collaboration between Ezion and AusGroup. The current Deputy Chief Operating Officer, Lee Kon Meng (Peter) will assume the role of Ezion’s Chief Operating Officer with effect from November 7, 2014.
According to the company’s statement, Lee Kon Meng (Peter) is fully responsible for the Group’s Fleet Operations covering service rigs and tug & barge operations. Since joining the company about four and a half years ago, Ezion says that Lee Kon Meng has been instrumental in setting up the full company process systems in compliance to all international requirements suitable for work with all major oil & gas and offshore industry clientele.
Chew Thiam Keng, Ezion’s CEO, said: “With the sale of the marine supply base business to AusGroup, there will be a dedicated management team from AusGroup that will work closely with Ezion to capture new business opportunities in Australia. The consolidation of Ezion’s marine supply base business into AusGroup will enable Ezion to focus on its Service Rigs business while continuing to participate in the growth of the marine supply base business. On behalf of Ezion’s Board, I would like to thank Captain Johnson for his unwavering support and assistance to the Group. We wish him the very best going forward and we are confident both Ezion and AusGroup will benefit greatly from this tie up.”