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Kim Heng buys Swiber OSV trio for just $9.6m

Singapore-listed Kim Heng Offshore & Marine has moved into the OSV sector purchasing three AHTS from bankrupt Swiber Holdings for just $9.6m.

Kim Heng is acquiring three 10,800 bhp AHTS – Swiber Anne-Christine, Swiber Else-Marie and Swiber Mary-Ann – for $9.6m which it plans to use for towing clients jack-up rigs, salvage operations and long term charters if forthcoming.

Kim Heng said that the vessels had been previously valued at $33m with the downturn in the oil and gas industry allowing it to pick-up the vessels at extremely low valuations.

“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,” said Thomas Tan, executive chairman of Kim Heng.

Although public-listed Kim Heng remains a conservative family owned business underscored by the fact the vessels purchases are being funded from the proceeds of its IPO in January 2014.

“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,” said Tan.

“The vessels will enhance our service capabilities in these challenging market conditions and we target to use them in the course of our normal business operations as well as aim for long term charters for these vessels.”

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