KS Energy Sells KS Titan 2 for $42 Mln

Singapore’s KS Energy Limited has announced that Yakki International Pte Ltd, a company jointly controlled by KS Energy and Sinwa Limited has entered into an irrevocable Sale and Purchase Agreement for the sale of the KS Titan 2 lift boat for a consideration of US$42 million (approximately S$52 million).

The self-propelled multi-purpose offshore support vessel was sold on an “as-is, where-is” basis and was funded by internal resources.

Built in 2008 at SEMCO Shipyard in Lousiana, the self-elevating Lift Boat Class 280, has various functions such as Well Intervention and Work Over, Offshore Construction, Salvage & Recovery, Hook-up & Commissioning, Accommodation, and Windmill Installation.

Commenting on the divestment of KS Titan 2, Mr. Kris Wiluan – Executive Chairman and CEO said, “We continue to execute our strategy to divest our non-core assets and release resources to support the growth of our core businesses.” 

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Offshore Energy Today Staff, February 27, 2013