Ezion Investments, part of Singapore’s Ezion Holdings, has formed an offshore services joint venture (JV) with Pacific International Offshore (PIO).
Ezion Investments will hold 33% of the JV company and PIO has 67% ownership.
The JV will provide “additional assets” to support an unnamed national oil company’s development and production activities, Ezion said today, without giving further details.
PIO was established in Singapore in early 2015 and is 51% owned by Pacific International Lines; 34% owned by Singaporean businessman and head of KS Holdings, Tan Kim Seng, and 15% owned by Ang Boon Cheow Edward, head of civil engineering company Ocean Sky international.
The joint venture will bring together subsidiaries of two of the most recognisable names in Singapore’s shipping industry in what could be seen as an economically strategic arrangement.
PIL’s managing director Teo Siong Seng is also chairman of the Singapore Business Federation and is a nominated member of parliament in the Lion City.
The Singaporean government holds a 1.29% stake (20,548,253 shares) in Ezion Holdings through EDB Investments (EDBI), the corporate investments arm of Singapore’s economic development board, according to Ezion’s annual report for 2015.
EDBI first acquired a stake in the Singapore-listed group in 2012. At the time, Chu Swee Yeok, CEO of EDBI, said the “investment demonstrates EDBI’s commitment to grow globally competitive businesses to build sustainable industry pillars for Singapore”.