Deep Sea Supply announces that it has today entered into an exclusive partnership agreement with two Malaysian partners, Efogen Sdn Bhd and a Malaysian government owned investment fund.
The rationale behind the partnership agreement is to get access to the growing offshore supply market in Malaysia protected by strong cabotage regulations. Through Efogen Sdn Bhd the Company has secured a reputable industrial partner with established customer relations in the local Malaysian market.
The new partnership, indirectly controlled 25% by the Company, has today purchased the AHTS vessel “Sea Weasel” from Deep Sea Supply at market terms. The vessel is currently on a charter to Petronas and will be equipped with Malaysian flag and managed by Deep Sea Supply.
Together with the new partners, the Company has been able to attract favorable local financing, minimizing the equity injected in the new partnership. The Company is confident that this structure is a solid fundament for building up the preferred offshore supply vessel operator in the interesting Malaysian market.
Finn Amund Nordby, CEO of Deep Sea Supply, elaborates: “The new partnership will enable Deep Sea Supply to expand into the exciting Malaysian offshore supply market. A local presence is a prerequisite in order to succeed, and we are confident that this agreement will lead to attractive opportunities for Deep Sea Supply. The partnership further demonstrates Deep Sea Supply’s strategy to take a more active approach in securing attractive positions in prioritized growth markets”.
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Source:Deep Sea Supply, January 26, 2011;