The agreement will see Viking O&M place out 40m new shares worth SGD3.2m ($2.6m) to Tan, plus an option of the same quantity and amount to be exercised any time during the next 90 days.
If Tan exercises the option, his shareholding will represent 10.1% of Viking O&M's enlarged issued and paid-up capital, which will be approximately 793m shares.
Tan was the cos-founder and controlling shareholder of Labroy Marine, a then Singapore-listed offshore and marine outfit which was sold to Dubai Drydocks World for SGD2.4bn in January 2008.
With Tan's investment, Viking O&M is now looking to enter the rig owning and chartering businesses, on top of its core services in intergrated marine solutions.
“We are glad to have the support of Tan Boy Tee as we venture into the fast-growing rig building and rig charter market,” said Andy Lim, chairman and executive director of Viking O&M.
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