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Sealink to gain $12m from charter, divestments

Some life seems to be slowly returning to the Malaysian offshore market with Sealink announcing contracts worth a total of MYR52m ($12.1m) for the charter of one unit of safety standby vessel and the sale of two vessels.

The Sarawak-based offshore supply vessel player said in a stock market announcement that the three-year charter is to an independent oil and gas company and is due to commence in the second quarter.

The sale of the two vessels are to a Malaysian company and an existing overseas client respectively.

The deals are expected to contribute positively to the earnings and net tangible assets of Sealink for the financial year ending 31 December 2017 and beyond, the company said. The net proceeds will be used for working capital purposes.

The vessel disposals are part of the group’s strategy "to continually modernize and upgrade the Sealink’s fleet of vessels", it said, adding that "Sealink Group constantly sells older vessels and replaces them with newer vessels in line with the changing requirements of the oil and gas industry".

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