Ezion Holdings says wholly-owned subsidiary, Teras Australia Pty Ltd has agreed to lease of a plot of land in Australia for the development of a second marine supply base to support the offshore oil and gas industry in the vicinity.

The deal relates to the lease of an initial 36ha seafront land situated in the Northern Territory of Australia, with rental fees that are payable monthly, an initial lease period of 10 years with the option to extend for up to 50 years.

The group believes that the second marine base is also strategically located to support the on-going and future offshore projects in the Northern Territory of Australia and its surrounding areas.

The group expects that the second marine base will further enhance the Group’s ability to better service its existing customers and better position the Group to secure additional projects in Australia and its surrounding areas.