Ezion in J/V With Kim Seng Win Offshore Rig Contracts
Ezion Holdings Limited & Kim Seng Holdings Pte Ltd to provide two service rigs over a 7-year period.
The contracts are in support of the oil & gas activities of a national oil major in Central America.
The Service Rigs which will be deployed in the Bay of Campeche are expected to be working in the 1st Quarter of 2013. The JV will acquire and own 2 Service Rigs to meet the requirements of the contracts upon the finalization of the definitive sale and purchase agreements.
The acquisitions mentioned here will be funded through internal resources as well as bank borrowings.