Ezion reports surge in 3Q profit to US$49.2 million

SINGAPORE - Singapore-listed Ezion Holdings said that net profit for the third quarter rose 28.9 per cent to US$49.2 million while revenue rose 24.5 per cent to US$94.9 million.

It has also completed the sale of its marine supply base business to AusGroup Limited, the company said on Friday.

Ezion owns 17.8 per cent of AusGroup's issued share capital and has acquired 110,000,000 share options, with each option carrying the right to subscribe for one new ordinary share in the capital of AusGroup at $0.3675 per option.

Ezion's existing chief operating officer and director, Captain Larry Glenn Johnson, has been appointed the non-independent and non-executive director of AusGroup since May 20.

He will guide AusGroup's board on the expansion of AusGroup's business into the provision of onshore and offshore marine services, and the proposed collaboration between Ezion and AusGroup.

He has stepped down as Ezion's chief operating officer and director on Friday, to accelerate this collaboration, Ezion said.

Deputy chief operating officer of Ezion, Mr Lee Kon Meng (Peter), has assumed the role of Ezion's chief operating officer from Friday.

Ezion said that while oil prices have been weak recently, the management continues to observe the requirement on assets and services related to platform and well related works in its existing market such as Asia Pacific, Middle East, West Africa and Europe.

It will continue to focus its effort on growing its service rig division.