Ezion Holdings announced last evening that it has won a contract to provide a jack-up rig to a South Asian based oil company. This contract is worth US$87.6m over a three year period, and is expected to begin working by early 2015 after its refurbishment and upgrading. The jack-up rig will be deployed in the Arabian Sea in South Asia. Ezion does not expect this event to have a material impact on its FY14 EPS and NTA/share. We maintain our BUY rating and S$2.57 fair value estimate on Ezion, and expect more assets to be deployed by the group in FY14, which will support its growth ahead.

Source: Phillip Securities Research - 5 Mar 2014