Singapore-headquartered OER is a provider of manpower services to the offshore industry and has been supplying crew and related hospitaility services to clients worldwide.
Vallianz said the acquisition will enable the group to attain greater efficiency in the management of crew personnel and raise the value of its services to customers. At the same time, it will also expand the group’s customer base and geographical footprint.
“The group provides crew personnel as part of our services for our vessels under charters, as well as for third-party vessels. By acquiring OER, we will be able to consolidate the management of crew resources under one roof, and benefit from improved operational efficiency and economies of scale,” said Darren Yeo, ceo of Vallianz.
The purchase consideration will be satisfied by the issue of 250m ordinary shares in the capital of Singapore-listed Vallianz at a price of SGD0.14 per share, representing a 27% premium to Vallianz’s volume-weighted average price of SGD0.1101 per share on 30 September 2014.
The latest acquisition follows on the heels of Vallianz’s recent purchase of a marine base in Batam, Indonesia for $15.8m.
About the Author
You May Also Like