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Alam Maritim buys OSV for $60m

Alam Maritim buys OSV for $60m
Malaysia’s Alam Maritim Resources will buy a offshore vessel at a price of $60m from China’s Wellspring Marine Trading.

The vessel, OLV Venture 1, was built in 2014 and currently registered in China. The OSV is of 6,000 bhp and classed by ABS.

OLV Venture 1 is planned to be deployed in the waters of Malaysia and Southeast Asia to support the exploration and production activities in the region, according to Alam Maritim.

“The acquisition is in line with the fleet expansion plan of the group’s core business in providing marine support services to the offshore oil and gas facilities,” the company said.

“This business segment will definitely help to spur growth with the increasing demands for marine support services, locally and internationally, in the upstream sector of the oil and gas industry.”

The vessel acquisition is expected to be completed by mid-April 2015. The vessel will also be reflagged from China to Malaysia.

TAGS: Offshore