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.