Ezion

Ezion: Ezion secured two 3-year charter contracts worth an aggregate US$78.7m. The first contract worth US$43.7m from a South Asian based national oil company is for a service rig in the Arabian Sea, while the second service rig, for a Middle Eastern state-linked company, will be based in the Arabian Gulf. Both rigs are expected to be deployed in 1H15 after refurbishment and upgrading works. The counter requested for a trading halt this morning, pending an announcement. Market observers maintain their positive view on Ezion despite the fall in share price over the last two months, primarily on its lucrative liftboat business, robust growth prospects and healthy contract backlog. Bloomberg consensus has 14 Buys and 1 Sell, with a 12-month TP of $2.76.