Ezion Holdings acquires owner of jack-up rig for $42 million

OFFSHORE and marine firm Ezion Holdings has acquired a company whose sole asset is a jack-up rig.

In an announcement on Thursday, Ezion said it has bought Teras Conquest 4, a Singapore company, for US$32.5 million ($42.21 million).

The latter owns a jack-up rig which has been on a six-year lease to Ezion since February 2012.

The acquisition amount will be paid via the issuance of Ezion shares to four funds - the owners of Teras Conquest 4 - Evia Growth Opportunities II, Venstar Investments, Venstar Investments II and Skyven Growth Opportunities Fund.

The 18.4 million Ezion shares, representing a 1.5 per cent stake in the company, will be issued at a price of $2.2407 per share.