Ezion Holdings completes sale of marine supply base business to AusGroup
Ezion Holdings Limited , a leading provider of Liftboats & Service Rigs and offshore logistics support services, announces the completion of sale of the Ezion’s marine supply base business to AusGroup Limited, following the approval granted by shareholders of AusGroup for the expansion of AusGroup’s business i nto the provision of onshore and off-shore marine services, the company said in its press release.
Ezion currently owns 17.8% of AusGroup’s issued share capital and has acquired 110,000,000 share options, with each Option carrying the right to subscribe for one new ordinary share in the capital of AusGroup at the exercise price of S$ 0.3675 per Option. Ezion’s existing Chief Operating Officer and Director, Captain Larry Glenn Johnson, has been appointed as the non-independent and non-executive director of AusGroup since 20th May 2014 to guide AusGroup’s Board on the expansion of AusGro up’s business into the provision of onshore and off-shore marine services and proposed col laboration between Ezion and AusGroup.
Captain Larry Glenn Johnson will step down as Ezion’ s Chief Operating Officer and Director on 7 November 2014 to focus on the growth and development of the marine supply base business and to accelerate the collaboration between Ezion an d AusGroup. The current Deputy Chief Operating Officer, Mr Lee Kon Meng (Peter) will assume the role of Ezion’s Chief Operating Officer with effect from 7 th November 2014. Mr Lee Kon Meng (Peter) is fully responsible for th e Group’s Fleet Operations covering Service Rigs and tug & barge operations.
About Ezion Holdings Limited
Ezion Holdings Limited has 2 main business divisions that specialises in the development, ownership and chartering of strategic offshore assets and the provision of offshore marine logistics and support services to the offshore oil and gas industries. The Group is the owner of the fleet of one of the l argest and most sophisticated class of Multi Purpose Self-Propelled Jack-up Rigs in the world and one of the first to promote the usage of Liftboats in Asia Pacific, Middle East and West Africa.
