Ezion Announces Charter Contract for Service Rig

The Board of Directors of Ezion Holdings Limited is pleased to announce that it has secured a charter contract with a value of up to USD 80.3 million over a 4 year period to provide a second North Sea Class service rig (“Service Rig”) to be used by a European oil major to support its oil & gas activities in offshore Denmark. The Service Rig is expected to be deployed and working in offshore Denmark by the 4th Quarter of 2012 after its refurbishment and upgrading. The above mentioned project will be funded through internal resources as well as bank borrowings.

The abovementioned charter 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 31st December 2012. None of the Directors or substantial shareholders of the Company has any interest, directly or indirectly, in the abovementioned transactions, save for their shareholdings in the Company.