Ezra forms JV to expand activities to North America

News - November 24, 2005

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The Board of Directors of Ezra Holdings Limited in Singapore has†announced that Ezra has entered into a 50-50 joint venture with KS Energy Services Limited†in respect of a 25 per cent interest in KSES (USA) Inc (held through a subsidiary of KS Energy), a company operating offshore related assets to provide marine and offshore services to support the offshore drilling operations of international oil majors in North America.

The joint venture will enable Ezra to establish a presence in North America and expand its operations geographically to North America, including rig and liftboat operations.

The†transaction is expected to have a positive impact on the Group's earnings per share or net tangible assets for the financial year ending 31 August 2006.†

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