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

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.