Ezion Holdings awarded an US$86.3M contract

The Service Rig is expected to be refurbished, upgraded, and working by the 4th quarter of 2012.

In a news release, the Board of Directors of Ezion Holdings Limited announced that it has secured a charter contract with a value of approximately US$86.3 million over a 4-year period to provide a Service Rig to be used by a national oil major to support its oil & gas activities in Central America.

The Service Rig which is the third of the Group to be deployed in the Sonda de Campeche field is expected to be working by the 4th Quarter of 2012 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 2012.

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.