Ezion Holdings unit preparing response to US$1.5 million claim: Board

A UNIT of offshore and marine service provider Ezion Holdings is preparing a response to a claim of US$1.5 million, the troubled liftboat operator disclosed in a bourse filing on Friday evening.

It said that claimant 3 Core DMCC is seeking the sum under a Feb 8 settlement agreement with Teras Offshore Pte Ltd - a wholly-owned subsidiary of Ezion - and has begun the arbitration process.

3 Core DMCC is listed online as an oilfield services firm with a mailing address in Dubai.

"The group does not believe that the proceedings will cause any material disruptions to its operations and business," the Ezion board said in its statement.

It added that the company will announce further developments as needed. The sole arbitrator and the seat of the arbitration for the claim have not been decided.

Trading in Ezion shares has been suspended since March 2019.