Asia/Pacific News
Singapore's Ezion Completes AusGroup Deal, Moves Ahead with Bunkering in Northern Australia
Singapore-based Ezion Holdings Limited (Ezion) has completed the sale of its marine supply base business to Australian AusGroup Limited (Ausgroup), Offshore Energy Today reports.
The move is part of Ausgroup's planned expansion into the provision of onshore and offshore marine services.
The liftboat, service rig, and offshore logistic support company, Ezion, already holds a 17.8 percent stake in Ausgroup and has acquired additional share options which could see it add 110 million shares to its current holding.
Capt. Larry Glen Johnson will step down as COO of Ezion to focus on advising Ausgroup's Board of Directors on which he has served as a non-executive Director since May this year.
Lee Kon Meng will become COO as of November 7, 2014.
"With the sale of the marine supply base business to AusGroup, there will be a dedicated management team from AusGroup that will work closely with Ezion to capture new business opportunities in Australia," said Chew Thiam Keng, Ezion's CEO.
"The consolidation of Ezion's marine supply base business into AusGroup will enable Ezion to focus on its Service Rigs business while continuing to participate in the growth of the marine supply base business."
Ezion was recently said to have signed a Memorandum of Understanding with a multinational fuel trader and distributor.
The company is reportedly building a 30 million litre fuel tank facility at Port Melville in Australia's Tiwi Islands.
"The fuel distribution and storage arrangement under discussion would form an important part of a wide range of port services being developed by Port Melville in support of the Oil & Gas Industry in Northern Australia," said Capt. Johnson.
Earlier this year, Vitol Group said it was expanding its Australian business.
