Malaysia: SILK Holdings Adds Two AHTS Vessels to Its Fleet

SILK Holdings Berhad (SILK Holdings), via its 70% owned subsidiary Jasa Merin Sdn Bhd (“Jasa Merin”), have inked a sale and purchase agreement to acquire 2 Anchor Handling Tug Supply (“AHTS”) vessels, IDS Darul Ehsan and IDS Darussalam.

IDS Darul Ehsan and IDS Darussalam are 70-metre 120-tonne bollard pull AHTS with an engine rating of 10,800 break horsepower and were acquired from their previous owners for a total consideration of RM 240.6 million funded by internally generated funds and bank borrowings. Jasa Merin has partly settled a total of RM 16 million of the purchase price for the vessels.

Dato’ Mohd Azlan bin Hashim, Executive Chairman of SILK Holdings said, “The Group is delighted with the additions to the fleet, bringing the total number of owned-vessels in the fleet to 18 vessels. The vessels are ready-built and are immediately able to contribute to earnings. In addition, both vessels fit the operational requirements of Jasa Merin and are about 1-year old. All in all, it represents good value to the Group.”

“The acquisition of the two 70-metre 120-tonne bollard pull vessels were strategically necessary to ensure Jasa Merin continues to be able to meet customer demands for DP2 rated AHTS vessels, particularly in light of recent developments of the industry moving away from an era of ‘easy oil’ towards ‘difficult oil’,” concluded Dato’ Azlan.

[mappress]

Source: SILK Holdings, September 27, 2012