Malaysia: SILK Holdings to Renew Its Fleet with Three AHTS Units

The Board of Directors of SILK Holdings Bhd (“SHB”) announced that its 70%-owned subsidiary, Jasa Merin (Malaysia) Sdn Bhd, awarded shipbuilding contracts to Muhibbah Marine Engineering Sdn Bhd (“MME”) on 21 March 2013, for the construction of two (2) units of 62-metre Anchor Handling Tug Supply (“AHTS”) vessels and one (1) unit of 70-metre AHTS vessel, for a total consideration of approximately RM 216.49 million.

The vessels are expected to be delivered in stages from the end of the current calendar year until early 2014. The agreement for the new vessels is in line with the Group’s on-going fleet-renewal and expansion initiative.

The purchase consideration for the vessels of approximately RM 216.49 million will be funded through a combination of internal funds and borrowings.

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SBH, March 22, 2013; Image: MME