Ezion Holdings chief executive increases skin in the game

Chew Thiam Keng makes first acquisition of stock since August in sign of confidence in firm.

Ezion Holdings chief executive Chew Thiam Keng has taken advantage of the slump in prices of oil and gas stocks to increase his stake in the company.

He has recently acquired 200,000 shares at an average price of SGD 0.515 (36.7 US cents) per share, regulatory filings show.

Chew’s latest acquisition marks his first on-market trades in the Singapore-listed offshore vessel operator since August 2015.

The trade increased his direct holdings to 20.7m shares or 1.3% of the issued share capital. He also has a deemed interest of 204.8m shares or 12.8%.

Last month the company reported a fourth quarter loss of $63.5m versus a profit of $83.7m a year earlier.

Ezion is a major operator of multi-purpose self-propelled jack-up rigs, or liftboats, with five vessels due to come into service this year.

It also owns a fleet of 30 vessels, consisting of tugs, ballastable barges, offshore support vessel and self-propelled barges.

The company recently entered into a strategic co-operation agreement with a Chinese state-owned enterprise to support wind power installation projects.