The acquisition by BBR, 49.6% owned by Singapore-based Marco Polo Marine, is in line with its group's expansion plans to entrench its market presence in the fleet management of offshore support vessels (OSVs) in Indonesia.
“The acquisition is funded largely through a vessel loan, with the balance from the proceeds of the initial public offering of BBR which was concluded in early 2013,” said integrated marine logistics group Marco Polo Marine.
Investment house OSK DMG believed that the price of the new AHTS vessel is around $18m compared to a market rate of about $24m.
MP Prevail, the mid-sized AHTS vessel, is currently undergoing reflagging exercise to Indonesian flag as there is currently very limited supply of such vessels operating in Indonesia waters, according to Marco Polo Marine.
“With the offshore oil and gas exploration sector in Indonesia being at its nascent stage of development, demand for chartering services to be provided by AHTS vessels is expected to take off strongly in view of the promising growth of the sector coupled with the limited supply of Indonesian-flagged OSVs as a result of the strict enforcement of the cabotage principle in Indonesia,” said Sean Lee, ceo of Marco Polo Marine.
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