Kim Heng buys two anchor handling tugs from distressed seller
Offshore and marine services provider Kim Heng Offshore & Marine has bought two anchor handling tugs from Posh Terasea.
Kim Heng said on Friday that its 51 per cent owned subsidiary, Bridgewater Offshore (BWO), has acquired two units of 12,500 horsepower anchor handling tug (AHT) from the Posh Terasea liquidation.
The two vessels, Salvanguard and Salvigilant, were bought for a total consideration of $4.8 million.
The purchase was funded through internal resources and bank loans. The vessels will be renamed as Bridgewater 160 and Bridgewater 161 respectively.
BWO had previously acquired two AHT namely Salveritas (renamed as Bridgewater 163) and Salvicervoy (renamed as Bridgewater 168) from the Posh Terasea liquidation for a consideration of $5.2 million.
Presently, BWO has a fleet of four AHT and one anchor handling tug supply vessel (AHTS).
The aim of BWO is to invest for the future in cycle positioning so as to take advantage of buying distressed assets at significant bargains with the right value.
These vessels acquired have to be in good working condition so that they can be deployed quickly to work and anticipated to produce growth for the company, the company explained.
The expanded fleet puts the company in a stronger position to take advantage of the eventual upturn.