The company said in a stock market announcement that its Kim Heng Marine & Oilfield unit had also obtained a two-month Domestic Shipping Licence to perform rigs towage and marine operations in East Malaysia so that the Bridgewater 130, Bridgewater 131 and Bridgewater 132 could carry out its jobs from various leading drilling contractors to perform rig towage and other offshore related activities. Kim Heng did not disclose the value of the deals but noted that it was not expected to have a material impact on its current financial year’s results.
"The recent acquisition of the AHTS vessels has enhanced our capabilities and strengthened the Group’s long-term position as an O&G service provider to better capitalise on future market opportunities and growth prospects”, said ed and ceo Thomas Tan.
Kim Heng had earlier this year picked up the three assets from troubled Swiber Holdings for a good price of $9.6m.
"The Group remains resilient in the current industry downturn due to its comparatively low cost structure and is able to leverage this to adapt to the new challenges; including handling price cuts and low charter rates,” he said, adding that it would also be on the lookout for opportunities to acquire distressed assets and would pursue strategic transactions that complemented its business.
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