Ezion gets proposed lifeline from Malaysia's Yinson

Singapore

AFTER an over year-long hunt for a white knight, Singapore's ailing offshore and marine firm Ezion Holdings has found a saviour in Malaysian-listed Yinson Holdings, the world's sixth largest floating, production, storage and offloading (FPSO) operator which will emerge as the firm's controlling owner.

The complex and somewhat unique deal essentially involves two parts - all of which are inter-conditional and will take place simultaneously - with Yinson helping to extinguish some US$916 million of Ezion's debt and in turn, getting new Ezion shares at 5.5 Singapore cents a piece.