Ezion ties up with TSC unit to own and operate liftboats

OFFSHORE and marine company Ezion Holdings on Thursday entered into an agreement with a subsidiary of TSC Group Holdings to jointly own and operate liftboats through a joint venture (JV) vehicle, Renergy Offshore. TSC and Ezion own 51 per cent and 49 per cent of Renergy, respectively.

In a filing with the Singapore Exchange, Ezion said that TSC will help Renergy to obtain the capital required for the acquisition of new liftboats and working capital. Meanwhile, Ezion will assist Renergy in the marketing and operations of the liftboats.

Ezion added that Renergy has an issued and paid-up capital of S$100. Renergy intends to increase its issued and paid-up capital to about US$4 million.

TSC Group is about 52 per cent indirectly-owned by China Merchants & Great Wall Ocean Strategy & Technology Fund.

Ezion shares were trading up S$0.001 or 1.2 per cent at S$0.086 as at 9.48am, after the announcement.