Singapore-based offshore and marine group Ezion Holdings has sold an offshore construction vessel operated by subsidiary company Teras Offshore.

In a statement to the Singapore Exchange (SGX), the company said that a memorandum of agreement has been signed that will see the 6,700-gt Teras Fortress 2 (built 2015) offloaded to Virgo Shipping for $22m.

The Triyards-built Teras Fortress 2 is a jack-up type vessel that is referred to in the industry as a liftboat.