Singapore based Kim Heng Offshore and Marine has completed the purchase of three AHTS vessels – for a price well under the ships’ valuation.
The company purchased the ships for a total consideration of $9.6 million, despite the ships having previously been valued at $33 million per vessel.
Kim Heng’s executive chairman Thomas Tan said: “We have good knowledge of the industry and the financial strength to take advantage of the opportunities that present during challenging industry conditions.
“Against a backdrop of uncertainty, it presents an opportunity for us to capitalise and we are pleased that Kim Heng has been able to successfully purchase these Vessels to strengthen our long-term position at a fraction of the cost. We have always been cautious in the deployment of our IPO proceeds in order to ensure that we enhance our shareholders’ long term value.
“The Vessels will enhance our service capabilities in these challenging market conditions and we target to use them in the course of our normal business operations as well as aim for long term charters for these Vessels.”
The ABS class 130 ton bollard pull vessels measure 70 metres by 16.8 metres with a gross weight of approximately 812 tonnes.
The purchase is in line with the company’s plan for its IPO proceeds, of which $20 million was allocated for capital expenditure and fleet expansion.