Ezion Holdings takes steps to reduce expenditureCompany News // February 23, 2017
The Board of Directors of Ezion Holdings Limited says they plan to reduce the group's originally planned capital
expenditure by approximately US$270 million with the indefinite postponement of four service rigs that were previously announced on 15 April 2014, 15 July 2014 and 15 September 2014.
"The decision to indefinitely postpone the rigs was taken after careful deliberation by the group amidst the continued challenges faced by the marine and offshore oil and gas industry to conserve the cash position of the group," Ezion said.
"The indefinite postponement of the rigs would reduce the significant cash outflows required to take delivery of them and the burden of the additional financial liabilities on the balance sheet with the drawing of additional bank loans required for taking delivery."