Ezion takes over rigs from JV with Swissco

Ezion takes over rigs from JV with Swissco

Singapore’s Ezion Holdings has entered into various sales and purchase agreements to take full control of two joint ventures with a unit of financially troubled Swissco Holdings for a combined S$5m, and acquire related rigs and other assets for $61.9m.

Ezion reached agreements with Swissco subsidiary Scott and English to take over the remaining 50% equity interests in two joint ventures, Strategic Offshore and Strategic Excellence, for S$3.5m and S$1.5m respectively.

Additionally, Ezion has acquired the remaining 50% stake in three jackup rigs it owns with Strategic Offshore, the GSP Atlas, GSP Orizont, and GSP Fortuna for $18.7m, $18.7m and $24.5m.

Ezion said the deals were necessary to enable the continued operation of the jv companies and their engagement with existing customers, in order to improve the earnings of the group in the long term.

Swissco sought judicial management in Singapore last November with debts of around $150m. Swissco says the proceeds from the sales will be distributed to creditors of the company.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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