Ezion acquiring Swissco's JV stakes, assets for more than US$60m

Swissco's interim judicial managers say they are assessing five indicative bids; court hearing adjourned

Published Tue, Mar 28, 2017 · 09:50 PM

Singapore

EZION Holdings on Tuesday said it has entered into agreements to acquire full control of two existing 50-50 joint ventures with Scott and English Energy (S&E), a unit of Swissco Holdings, and to acquire certain assets held within one such joint venture for more than US$60 million.

The move by Ezion, an operator of service rigs for the oil and gas industry, comes as the joint-venture firms have not been able to meet their obligations, due in part to the financial situation faced by S&E.

"Consequently, the JV companies were not able to operate effectively. It is therefore necessary for the group to purchase the remaining 5…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes