Ezion

Ezion: Announced a new generation liftboat on 16Jan12 and mgt said that this mega liftboat had secured a charter with a new client based in Southeast Asia. Details of this second-generation liftboat are still under wraps for competitive reasons; however, SCB believe it will likely have leg length of 450 feet and accommodation for up to 300 personnel. Triyards, which built several of Ezion’s first-generation liftboats, is also building two larger versions for clients, details of which have not yet been disclosed. Demand for larger liftboats in Asia is likely to be limited, in house view, as the first-generation (320-foot leg length) is able to service the majority of wells/platforms in the region. However, the introduction of these larger liftboats will allow Ezion to offer a more comprehensive product suite, targeted at deeper waters and more challenging environments. Mgt mentioned that the level of client enquiries for liftboats and service rigs remains robust. SCB tips earnings to accelerate in 2013-14E on record backlog of USD 1.9b. With the latest charter, Ezion’s net order backlog reaches US$1.9b.