Ezion : Reduction In Originally Planned Capital Expenditure Of Approximately Usd270 Million

(Incorporated in the Republic of Singapore) (Company Registration No 199904364E)

The Board of Directors of Ezion Holdings Limited (the "Company", and together with its subsidiaries, the "Group") would like to announce that the Group's originally planned capital expenditure would reduce by approximately USD270 million with the indefinite postponement of 4 units of Service Rigs ("Service Rigs") that were previously announced on 15 April 2014, 15 July 2014 and 15 September 2014.

The decision to indefinitely postpone the Service Rigs was after careful deliberation by the Group amidst the continued challenges faced by the marine and offshore oil and gas industry to conserve the cash position of the Group.

The indefinite postponement of the Service Rigs would reduce the significant cash outflows required to take delivery of the Service Rigs and also the burden of the additional financial liabilities on the balance sheet with the drawing of additional bank loans required for taking delivery of the Service Rigs.

The abovementioned reduction in capital expenditure is not expected to have a material impact on the Group's earnings per share or net tangible assets per share for the financial year ending 31 December 2017.

None of the Directors or substantial shareholders of the Company has any interest, directly or indirectly, in the abovementioned transaction, save for their shareholdings in the Company.

BY ORDER OF THE BOARD

Cheah Boon Pin Company Secretary 23 February 2017