Vallianz is paying $17.5m for the stake in PT Swiber Berjaya (PTSB) which operates a fleet of 18 OSVs in the Indonesia market. The move sees Vallianz gain access to Indonesia’s cabotage protected offshore market, while Swiber will maintain an indirect interest via its 23.36% holding in Vallianz.
“This is a major step forward for the group. PTSB is an established OSV operator with a strong track record,” said Darren Yeo ceo of Vallianz. “The acquisition provides Vallianz with a platform to gain immediate access to the cabotage-protected OSV market in Indonesia, and will enable us to ride on the burgeoning prospects of the country’s offshore oil and gas market.”
The stake will be paid for through a combination of perpetual securities and ordinary shares in Vallianz, increasing Swiber’s stake in the Singapore offshore company.
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