Stock Name: EzionHldg
Company Name: EZION HOLDINGS LIMITED
OIR Bites: Ezion's JV secures a US $73m value contract
Dear TRs,
- Ezion Holdings announced that its JV has secured a charter contract with a value of up to USD73.0m over a 4-year period to provide an accommodation jack-up rig to support a European Oil Major in the North Sea.
- The project will be funded by internal resources as well as bank borrowings.
- The group believes that this transaction is not expected to have a material impact on its EPS or NAV for the financial year 31 Dec 2011. However, we deem this as a positive development and could open up more opportunities in this area.
- We continue to like Ezion and have a BUY rating at S$0.84 fair value.
Company Name: EZION HOLDINGS LIMITED
| Research House: OCBC | Price Call: BUY | Target Price: 0.84 |
OIR Bites: Ezion's JV secures a US $73m value contract
Dear TRs,
- Ezion Holdings announced that its JV has secured a charter contract with a value of up to USD73.0m over a 4-year period to provide an accommodation jack-up rig to support a European Oil Major in the North Sea.
- The project will be funded by internal resources as well as bank borrowings.
- The group believes that this transaction is not expected to have a material impact on its EPS or NAV for the financial year 31 Dec 2011. However, we deem this as a positive development and could open up more opportunities in this area.
- We continue to like Ezion and have a BUY rating at S$0.84 fair value.
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