Kim Heng scoops AHTS trio for fraction of cost

The Singapore-based firm Kim Heng Offshore & Marine has completed the purchase of three anchor handling tug supply (AHTS) vessels for a total consideration of $9.6 million.

Namely, Kim Heng bought the 10,800 bhp AHTS trio Swiber Anne-Christine, Swiber Else-Marie, and Swiber Mary-Ann.

The ABS Class 130-tonne bollard pull vessels, each measuring 70.0 by 16.8 meters will be used to perform tow services for their clients’ jack-up rigs and salvage operations.

The company said that the vessels would be deployed on long-term charters when opportunities arise. The maintenance of the vessels will be kept at a minimum as the vessels can be held at the company’s own yard.

Kim Heng added that the vessel trio was bought at extremely low valuations due to the downturn of the oil and gas industry as part of the group’s effort to prepare for the eventual expected industry upturn. The initial valuation of the vessels was $33.0 million per vessel.

Thomas Tan, executive chairman and CEO of Kim Heng, said: “Against a backdrop of uncertainty, it presents an opportunity for us to capitalize and we are pleased that Kim Heng has been able to successfully purchase these vessels to strengthen our long-term position at a fraction of the cost.

“The vessels will enhance our service capabilities in these challenging market conditions and we target to use them in the course of our normal business operations as well as aim for long term charters for these vessels.”

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