Kim Heng swoops on Swiber AHTS trio

Swiber Anne-Christine Swiber Anne-Christine

JUNE 12, 2017 — Singapore based Kim Heng Offshore & Marine Holdings Limited reports that it has completed the purchase of three 10,800 bhp Anchor Handling Tug / Supply vessels — the Swiber Anne-Christine, Swiber Else-Marie and Swiber Mary-Ann — for a total consideration of US$9.6 million.

The three were delivered in 2009 by China's Fujian Southeast Shipbuilding.

The ABS Class 130 ton bollard pull Vessels, each measuring 70.0 m by 16.8 m by 7.5 mwith a gross weight of approximately 812 tons, are targeted to be used to perform tow services for Kim Heng clients' jack-up rigs and salvage operations. The group also aims to deploy the vessels for long term charters as and when opportunities arise. It says that the maintenance and upkeep of the vessels will be kept at a minimum as the vessels can be handled at the group's own shipyard.

"Previously valued at approximately US$33.0 million per vessel, the downturn of the oil and gas industry has enabled the group to acquire these assets at extremely low valuations," says Kim Heng. "As part of the Group's effort to prepare for the eventual expected industry upturn, it is pursuing strategic transactions that complement its existing business."

Executive Chairman & CEO of the Group, Mr. Thomas Tan commented, "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. We are mindful to remain prudent and incremental in our strategy, guided by evolving market opportunities."

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