EZION Holdings is set to secure a five-year charter worth up to US$94 million for one of its service rigs, which will be used by an Asean- based national oil company (NOC).

It recently signed a letter of intent with the NOC, the identity of which it did not disclose.

Ezion's management said that the rig is expected to be deployed in South-east Asian waters by 1Q2016. The cost of the rig charter works out to about US$51,500 a day.