YHM

YHM: secured a contract with a value of up to ~US$183m over a 3-yr period with an additional 2 yr extendable option to provide a semi-sub rig to be used by a SE Asian based national oil company to support its oil and gas activities in the Andaman Sea. The co is in the process of forming a JV to own the semi. The semi will be upgraded and refurbished and is expected to be deployed btwn end 2013 and early 2014. The project will be funded through internal resources as well as bank borrowings. The project may have a positive contribution to the group’s consolidated revenue for FY13. YHM recently underwent a change of control, and is now a 49.3% owned unit of Ezion. YHM is now essentially a shell company, but intends to undertake new businesses in the oil & gas and marine related industry, including developing, owning and chartering of oil and gas and marine related assets.