Asia: Joint Venture for the deployment of Service Rigs

The Board of Directors of Ezion Holdings Limited is pleased to announce that it has entered into a joint venture agreement with a Chinese state-owned enterprise for the deployment of Service Rigs to support the offshore windfarm market.

The SOE is one of the key state-owned enterprises operating under the direct administration of State-owned Assets Supervision and Administration Commission of the State Council. It is a large-scale modern corporate group with world-wide businesses in integrated logistics, shipping and shipbuilding industry.

The SOE will be responsible for the integration of domestic requirements for the operations of Service Rigs in the offshore wind farm market in China. Ezion will be responsible for the technical, operational management and commercial aspects of the Service Rigs that will be chartered by the joint venture company.

The above mentioned joint venture will be complementary to the strategic cooperation agreement with another Chinese state-owned enterprise to support offshore wind power installation projects in China pursuant to the announcement made on 14th December 2015.

The abovementioned agreement is not expected to have a material impact on the Group’s earnings per share or net tangible assets per share for the financial year ending 31s December 2016. None of the Directors or substantial shareholders of the Company has any interest, directly or indirectly, in the abovementioned transaction, save for their shareholdings in the Company.