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Singapore’s Kim Heng to acquire Bridgewater Offshore

Kim Heng Offshore and Marine will buy out its joint venture partners to take full control of Bridgewater Offshore for $5.1m.

1 Min Read
Image: Bridgewater Offshore

Singapore's Kim Heng Group, through its wholly owned subsidiary Kim Heng Offshore and Marine, has acquired the remaining 49% of subsidiary Bridgewater Offshore (BOPL).

In a release, Kim Heng said that its net profit attributable to shareholders of S$1.6m for 2023 would have been a S$985,000 loss, had this transaction been completed before the start of 2023.

The acquisition is expected to take place over three monthly payments from Kim Heng of $1.7m starting from August 2023, with completion on the final payment on October 23, 2024.  

The stakes will be purchased from investment funds Phillip Enterprise Fund Ltd. and Phillip Ventures Enterprise Fund 5 Ltd, both of which are in voluntary liquidation, and the joint venture agreement terminated.

In 2020, the joint venture partners injected capital into Bridgewater Offshore, including $1.9m from Kim Heng raised through the sale of AHTS Bridgewater 80, and $888,725 each in cash from the other two parties. The cash injection was to provide funding to acquire distressed assets.

Bridgewater lends its name to six AHTS and two AHT in the Kim Heng fleet. 

The acquisition consolidates Kim Heng’s interest in the Bridgewater vessels, enhancing its chartering segment’s capacity and capability.

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About the Authors

Gary Howard

Middle East correspondent

Gary Howard is the Middle East Correspondent for Seatrade Maritime News and has written for Seatrade Cruise, Seatrade Maritime Review and was News Editor at Lloyd’s List. Gary’s maritime career started after catching the shipping bug during a research assignment for the offshore industry. Working out of Seatrade's head office in the UK, he also produces and contributes to conference programmes for Seatrade events including CMA Shipping, Seatrade Maritime Logistics Middle East and Marintec. 

Gary’s favourite topics within the maritime industry are decarbonisation and wind-assisted propulsion; he particularly enjoys reporting from industry events.

Conferences & Webinars

Gary Howard regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

Michele Labrut

Americas Correspondent

Michèle Labrut is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America.

Michèle first came to Panama as a press attaché to the French Embassy and then returned to the isthmus as a foreign correspondent in the 1980s.

Author of Seatrade Maritime's annual Panama Maritime Review magazine and of several books, Michèle also wrote for Time magazine, The Miami Herald, NBC News and the Economist Intelligence Unit. She has also collaborated in making several documentaries for the BBC and European and U.S. television networks.

Michèle's profession necessitates a profound knowledge of the country, but her acumen is not from necessity alone, but a genuine passion for Panama.

In 2012 she was awarded the Order of Merit (Knight grade) by the French Government for her services to international journalism and in 2021 the upgrade to Chevalier grade.

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