Ezion Holdings said on Thursday its wholly owned subsidiary Teras Investments entered a deal with Alliance Offshore to create a joint venture to own and operate liftboats.
The company said the joint venture aimed to become the world’s largest owner and operator of liftboats.
The joint venture, Renergy Offshore, has been set up in Singapore, with an issued and paid-up capital of S$100, with the intention to raise that to around US$4 million, it said in a filing to SGX on Thursday.
Ezion will hold 51 percent of the joint venture, while TSC Group, which wholly owns Alliance Offshore, will take 49 percent, it said.
TSC will assist the joint venture with obtaining capital to buy new liftboats and working capital, while Ezion will assist in marketing and operating the liftboats, it said.