The Board of Directors of Ezion Holdings Limited (the “Company” or “Ezion”) is pleased to announce that the Company has entered into a joint venture agreement (“JV Agreement”) with Seabridge Marine Services Ltd (“Seabridge”), a company that has been transporting heavy lift cargoes around the world since 1977 to jointly own and operate vessels to support the oil majors for the installation & deployment of offshore structures and assets in the vicinity of Australia.
Pursuant to the JV Agreement, a joint venture company known as “Terasea Pte Ltd” (“Terasea”) has been established in Singapore. Terasea will have an issued and paid up capital of USD100,000.00 and is owned equally between Ezion and its joint venture partner, Seabridge. Accordingly, Terasea is now an associated company of Ezion. The paid up capital in the joint venture company will be funded through internal resources and is not expected to have any material impact on the Ezion Group’s earnings per share or net tangible assets per share for the current financial year ending 31 December 2011.
About Ezion Holdings Limited
Ezion Holdings Limited (“Ezion” and together with its subsidiaries the “Group”), a company listed on the Singapore Stock Exchange, has 2 main business divisions that specializes in the development, ownership and chartering of strategic offshore assets and the provision of offshore marine logistics and support services to the offshore oil and gas industries.
The Group is the owner of the largest and most sophisticated class of Multi-Purpose Self-Propelled Jack-up Rigs (“Liftboats”) in the world and one of the first to introduce the usage of Liftboats in Asia & Middle East. Ezion’s Liftboats are used mainly for well-servicing, commissioning, maintenance and decommissioning of offshore platforms. The Group has a fleet of Liftboats that are expected to come into service in the current financial year.
The Group is also the owner of a fleet of 27 vessels, consisting of tugs, ballastable barges, offshore support vessel and self-propelled barge that are used in the provision of offshore marine logistics and support services to the offshore oil and gas industries. The Group’s fleet of ballastable barges, one of the largest in the region, has been specially reinforced and modified to carry the prefabricated modules in the construction of LNG extraction facilities and jackets for the offshore oil and gas industries.
The Group’s operating companies also offers a range of services to include marine consulting related to the development & construction and marine logistics solutions for marine offshore facilities.
Branch offices in Korea, The United States of America and Australia provide logistics, supercargo, engineering and freight forwarding to complement existing operations.
Ezion Holdings Limited
Mr Chew Thiam Keng
Chief Executive Officer
Tel: (65) 6309 0565
Fax: (65) 6222 7848
None of the Directors or substantial shareholders of the Company, has any interest, direct or indirect, in the abovementioned transaction, save for their shareholdings in the Company.
By Order of the Board
Lim Ka Bee
16 March 2011