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.
