Ezion grabs two rig charter deals worth $78.7m

Ezion will provide one service rig to support a South Asian based national oil company with the three-year charter contract valued at approximately $43.7m. The rig will be deployed by the first half of 2015 after its refurbishment and upgrading.

The second three-year contract, worth $35m, will see Ezion provide one service rig to be used by a Middle Eastern state-linked company for work in the Arabian Gulf. The rig will be deployed in the first half of 2015, similarly after its refurbishment and upgrading.

Singapore-listed Ezion said the charters are not expected to have a material impact on its group earnings for the financial year ending 31 December 2014.