Singapore Reporter

SINGAPORE – Ezion Holdings said it has received a letter of intent for a US$ 65 million (S$ 80.5 million) contract to provide a service rig.

In a stock exchange filing, Ezion said the three-year contract will see the company provide a service rig to be used by an oil major to support its oil and gas activities in Southeast Asia.

It added that the company is in the process of forming a joint venture company to order and own an additional service rig in conjunction with the deal.

The rig is expected to be deployed and working in the Southeast Asian waters by the third quarter of 2015.

Ezion said the project will be funded through internal resources and bank borrowings.

Channel NewsAsia