The board of directors for Ezion Holdings Ltd. has secured a charter contract and a letter of intent to provide two additional service rigs to be used by multinational oil majors to support their oil and gas activities in the North Sea, the company’s board of directors announced.

The charter contract with a value of up to approximately US $80 million over a 5-year period is to provide a third North Sea class service rig to be used by an European oil major to support its oil and gas activities in offshore Denmark. The service rig is expected to be deployed and working in offshore Denmark by the end of 2012 after its minor refurbishment and upgrading.

The group also has received a letter of intent with a value of up to approximately US $87.6 million over a 4-year period to provide another service rig to be used in the same vicinity to support the offshore oil and gas activities in the area. The service rig is expected to be deployed and working in the North Sea by mid-2014.