In an exchange filing Ezion said the consideration will be paid via SGD 14m in cash and SGD 41m in shares.

The company plans to issue 92.1m new shares at SGD 0.445 to pay to AusGroup. Ezion will own 17.83% of AusGroup post-sale.

The marine base business is the only gazetted international port in northern Australia and is capable of serving the local oil and gas industry

Analysts at Singapore research house OSK DMG say the sale will free up capital for reinvestment into service rigs.

“This