Ezion, Chinese SOE tie-up to charter service rigs for offshore windfarms

Ezion will juggle operational and technical management.

Ezion Holdings has teamed up with a Chinese state-owned enterprise (SOE) to form a joint venture for the deployment of service rigs to support the offshore windfarm market.

According to the company’s announcement, the SOE is one of the SOEs operating under the direct administration of State-owned Assets Supervision and Administration Commission of the State Council. The organisation is a large scale modern corporate group involved in integrated logistics, shipping, and shipbuilding industry.

The SOE will deal with integration of domestic requirements for the operations of service rigs in the China offshore wind farm market. Meanwhile, Ezion will be responsible for the technical and operational management as well as commercial aspects of the service rigs to be chartered by the JV.

Ezion notes that this JV will be complementary to a strategic cooperation deal inked with another Chinese SOE to support offshore wind power installation projects in China.

The company further asserts that the JV is not expected to materially impact Ezion’s earnings per share or net tangible assets per share for FY16.