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This offshore assets owner is buying Swissco’s rigs. Is it a bargain?

Gwyneth Yeo
Gwyneth Yeo11/17/2016 12:59 PM GMT+08  • 2 min read
This offshore assets owner is buying Swissco’s rigs. Is it a bargain?
SINGAPORE (Nov 17): Ezion Holdings is said to be negotiating with Swissco Holdings to acquire the latter’s share in the three drilling rigs that are owned under 50-50 joint ventures between the two companies.
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SINGAPORE (Nov 17): Ezion Holdings is said to be negotiating with Swissco Holdings to acquire the latter’s share in the three drilling rigs that are owned under 50-50 joint ventures between the two companies.

Swissco was unsuccessful in its earlier bid to restructure its bonds, and is expected to file for judicial management.

According to Swissco, Ezion could acquire the remaining 50% stake in the rigs for $4.5 million and assume all of its outstanding debt, though the terms remain under negotiation.

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