Singaporean firm to refurbish and sell nine newly-purchased vessels

Singapore’s offshore services provider Kim Heng has entered into Memoranda of Agreement (MoA) for the acquisition of nine vessels for a total consideration of approximately $9.28 million.

Ruhm Mazu Sdn Bhd, a 49 per cent owned indirect subsidiary of Kim Heng, entered into agreements to purchase four anchor handling tug supply (AHTS) vessels, three offshore support vessels, one 400 pax accommodation barge, and one special service offshore support vessel.

With the acquisition, the company said it will be able to position and meet the growing demands from the marine and offshore and the renewables sector.

The vessels will be refurbished at Kim Heng’s two shipyards, Pandan and Penjuru, and onsold for profits and/or chartered out to generate charter revenue.

According to the Singaporean company, refurbishment of the vessels at its own facilities enables the group to maximize the utilization of the two shipyards.

The consideration will be funded by a combination of internal resources and bank borrowings.

Kim Heng’s fleet currently comprises seven AHTSs, three AHTs, five tugs, 22 barges and three fast crafts.

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