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.
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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