Ezion to deliver rig to Arabian Gulf $48.2m

Ezion reveals that rig will be used by IOC over next three years

The service rig is expected to be deployed and working before the end of 2013.
The service rig is expected to be deployed and working before the end of 2013.

Ezion Holdings Limited has secured a charter contract with a value of approximately $48.2 million over a 3 year period to provide a service rig to be used by an international oil company to support its oil & gas activities in the Arabian Gulf.

The Service Rig is expected to be deployed and working in the offshore oil & gas fields in the Arabian Gulf before the end of 2013 after its refurbishment and upgrading. The above mentioned project will be funded through internal resources as well as bank borrowings.

The abovementioned charter is not expected to have a material impact on the Group’s earnings per share or net tangible assets per share for the financial year ending 31st December 2013. None of the Directors or substantial shareholders of the Company has any interest, directly or indirectly, in the abovementioned transactions, save for their shareholdings in the Company.

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