Yinson moves to acquire Singapore’s Ezion

Malaysia’s FPSO services provider Yinson Holdings has decided to acquire Singapore’s liftboat operator Ezion Holdings. 

Teras Conquest 6; Source: Ezion Holdings

Yinson Eden, a subsidiary of Yinson Holdings, on March 31, 2019, entered into a conditional debt conversion agreement and conditional option agreement, with Ezion Holdings with the intention to acquire Ezion Holdings group by striking a deal with the group’s lenders.

Yinson said on Monday that Yinson Eden is currently in discussion with the lenders to acquire up to $916 million of Ezion Holdings’ existing loans through debts assignment. The lenders will be paid $200 million cash and Ezion Holdings shares by Yinson Eden.

The Ezion shares to be held by Yinson arises from the conditional debt conversion agreement, which allows Yinson to capitalize the debts into Ezion shares at S$0.055 per share and also the conditional option agreement. The latter allows Yinson to subscribe for up to 3.36 billion Ezion shares at the exercise price of SG$0.0605 per share at any time during a period of five years starting from the date of the issuance of options.

Upon completion of the debts conversion, Yinson will hold a minimum 70% stake in Ezion’s enlarged share capital.

The proposals are subject to, amongst others, finalization of the debts assignment with the lenders, and a whole host of regulatory approvals. It is Yinson’s intention to retain the listing status of Ezion. The proposals are inter-conditional and the completion of such proposals will take place simultaneously.

Yinson Holdings Berhad Group Chief Executive Officer, Lim Chern Yuan, said, “Liftboats are preferable for maintaining oil production which provides synergistic value to our principal activities of leasing/chartering and management of vessels for the oil and gas industry. Amongst others, the liftboats are also the preferred option for installation and maintenance of offshore windfarms. This acquisition exercise is also in line with Yinson’s ambition to venture into the renewable energy sector.”

“Fundamentally, Ezion Holding Limited’s liftboat business has been profitable. Moving forward, Yinson Holdings Berhad is optimistic about the turnaround of Ezion Holdings’ business after the restructuring of bonds and debts,” he added.

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