Ezion and TSC collaborate with aim to become world’s largest lifeboat owner

Singapore liftboat specialist Ezion has entered into a joint venture agreement with Alliance Offshore Group, a subsidiary of TSC Group Holdings, to cooperate in the ownership and operations of liftboats with the aim to become the world’s largest owner and operator of liftboats.

Under the agreement, a joint venture company named Renergy Offshore has been established in Singapore. TSC, which is majority owned by China Merchants, and Ezion have taken a 51% and 49% equity stake in the company respectively.

TSC will provide necessary assistance to the jv to obtain capital for the acquisition of new liftboats and working capital while Ezion will be responsible for the marketing and operations of the liftboats.

Earlier this week, Ezion entered into loan agreements with all secured lenders over its refinancing exercise and the extension of additional working capital of up to $118m. The loan agreements provide for minimal fixed principal repayments over a six-year refinancing period, as well as a reduction of interest rate.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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