Ezion proposing up to $141.3m rights issue

SINGAPORE (REUTERS) - Singapore-listed oilfield service firm Ezion Holdings said it is proposing a rights issue to raise as much as S$141.3 million.

Funds raised from the issue could be used to help fit out and re-purpose its fleet, buy marine assets and boost operational flexibility, it said in a statement late on Thursday (June 30).

Ezion proposed issuing up to 487.3 million rights shares at S$0.29, or a discount of about 44 per cent to its closing price on Thursday.

In a separate statement, Ezion said it had set up a joint venture company with a Chinese state-owned enterprise for the chartering of service rigs to support the offshore wind farm market.