Ezion

Ezion: Announced deal related to development of Australia’s O&G fields. Grp entered into JV agreement with BBC for joint ownership of vessel to supply projects in Australia. JV Company will charter vessel back to BBC for around US$28m over 6yrs. Contract is not expected to have any material impact on grp’s EPS or NTA for FY10……

Kim Eng maintains Buy call with TP of $0.99, expect grp to announce more contract wins and fresh corporate developments over the coming months. Adds that grp is expected to take delivery of 3rd liftboat at end of wk, with fourth on track to be delivered in Dec. Forecasts remain unchanged, with 3 yr core earnings CAGR remaining at an impressive 64.6% annually.