SGX Catalist-listed SBI Offshore Limited (SBI Offshore or the Company and together with its subsidiaries, the Group) announced Wednesday the appointment of prominent Malaysian businessman, Mirzan Bin Mahathir (Mirzan), to its Board of Directors (the Board) with effect from Oct. 29.
Mirzan has been appointed non-independent, non-executive director following the partial completion of a placement of SBI Offshore’s shares to him and two other investors Oct. 27, which raised approximately $7.3 million (SGD 9.1 million) to-date.
The proceeds from the placement will be used for working capital, existing and new projects and possible acquisitions by SBI Offshore. The Company had announced Aug. 27 that it has commenced negotiations to build up to five jackups for operation in water depths of up to 360 feet (110 metets) for a Middle East-Chinese consortium.
SBI Offshore is an integrated oil and gas (O&G) engineering solutions provider with capabilities to market, install, commission and provide after-sales services for O&G drilling equipment and systems.
Mirzan, an experienced investor with interests in the O&G sector, holds 27 million new shares in SBI Offshore via CE Ventures Offshore Ltd. His 12.1 percent-stake in SBI Offshore’s enlarged share capital base of 222.68 million shares makes him one of the Group’s largest shareholders.
On his appointment, Mirzan said, “I am honored that SBI Offshore has invited me to join the Board. As a director and a significant shareholder, I intend to share my corporate and business experience, particularly in the O&G sector.”
“SBI Offshore has a suite of drilling equipment products and solutions, and a clear strategy to penetrate emerging markets in Asia, the Middle East and possibly South America. These markets require strong relationships and deep understanding of the operating environment. I hope to leverage on my network of international contacts to help SBI Offshore’s senior management as they engage these markets,” he added.
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