Marco Polo Marine Takes Over AHTS MP Prevail

Marco Polo Marine Ltd , has via its 49.6%-owned subsidiary, PT Pelayaran Nasional Buana Bina Raya TBK, acquired and taken delivery of a newly built 9,000 BHP Anchor Handling Tug Supply (AHTS) vessel from a third party shipbuilder.

The acquisition, which is in line with the group’s expansion plans to entrench its market presence in the fleet management of Offshore Support Vessels (OSVs) in Indonesia, was timely, given the current robust market demand in Indonesia for such a vessel and that it would take at least 18 months to build one.

The Acquisition is funded largely through a vessel loan, with the balance from the proceeds of the Initial Public Offering (IPO) of PT BBR TbK which was concluded in early 2013.

The mid-sized AHTS vessel, named “MP Prevail” is currently undergoing the reflagging exercise to Indonesian flag as there is currently very limited supply of such vessels operating in Indonesia waters.

The vessel, which is equipped with Dynamic Positioning 2 (DP2), a sophisticated computer-controlled system that enables the vessel to maintain its position automatically via satellite controls using advanced propellers systems in tandem with the main engines, has a bollard pull of about 115 metric tons.

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Press Release, June 21, 2013