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Ezion says does not have any business dealings with Swiber

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Ezion Holdings said on Thursday that the winding up of Swiber Holdings is not expected to have any financial impact on its results for the year ending December 31, 2016 as it does not have any business dealings with the latter.

Ezion Holdings said on Thursday that the winding up of Swiber Holdings is not expected to have any financial impact on its results for the year ending December 31, 2016 as it does not have any business dealings with the latter.

Ezion also stressed that it is in a different business sector from Swiber.

"The group provides service rigs, focusing in the production, enhancement and extraction related activities of the offshore oil and gas industry and wind farm industry with their accommodation, loading, construction, installation and transportation capabilities and operate 100 per cent in shallow waters,'' it said in a release to the Singapore Exchange.

"These are different from Swiber which offers a wide range of Engineering, Procurement, Installation and Construction (EPIC) services, complemented by its in-house marine support and engineering capabilities, to support the offshore field development and production activities of its international clientele based across the Asia Pacific, Middle East, Latin America and West Africa regions," it said, extracting the information from Swiber's FY2015 annual report.

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Ezion shares, along with some highly-geared oil and gas related companies, took a beating on Swiber's winding up application.

At 04:21pm, Ezion was trading around S$0.330 a share, down S$0.015, or 4.348 per cent.

The subscription for Ezion's rights is closing on Thursday. The Singapore-listed oilfield service firm is proposing to issue up to 487.3 million rights shares at a heavily discounted price of S$0.29 each 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.

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