Jaccar sells stake in SOE

Jacques de Chateauvieux’s Jaccar Holdings is selling its 25 percent stake in Sinopacific Offshore and Engineering to Pearlfine Ocean Worldwide, which joins Evergreen Holding Group and Sinopacific Shipbuilding Group (in which Jaccar remains a 23 percent shareholder) in the new shareholding structure.

Sinopacific Offshore and Engineering (SOE) is one of China’s leading providers of LPG/LEG vessels, offshore cranes, and offshore production equipment. Jaccar says it will now be a strategic partner with SOE instead of a shareholder.

Since 2009 Jaccar Holdings has ordered six Tiger 5,000 cu. m LPG vessels from SOE, the first of which is to be delivered at the end of May 2012, and eight Tiger 12,000 cu.m LEG vessel, deliveries of which will start next year.

This investment, coupled with close cooperation between SOE and Jaccar Holdings have positioned SOE as a strong, innovative and unique player in the LPG/LEG field worldwide. With the targeted listing of SOE and the strong interest now shown by many other customers, this move will eliminate related party transactions as well as possible conflict of interest and enable SOE to venture out into new projects with new clients for profitable growth.

All the vessels ordered by Jaccar Holdings from SOE will be added to the existing fleet of Greenship Holdings, which is a fully owned subsidiary of Jaccar Holdings in Singapore. The aim is to own and operate advanced, fuel efficient and environmentally friendly vessels. Total investment in the gas and bulk sectors is around $900 million.

April 23, 2012