The service rig is expected to be deployed and working in the offshore oil and gas fields 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,” Singapore-listed Ezion said on Wednesday.
The company announced recently that it has raised SGD12.54m ($10.02m) from placement of 10m new ordinary shares. The fully disbursed proceeds will be used for the acquisition of offshore and marine assets.
Ezion owns a fleet of liftboats, tugs, ballastable barges, offshore support vessels and self-propelled barge to support offshore marine activities.
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