Alam Maritim's JV Deepsea to Acquire OSV 'OLV Venture 1' for $60M

Malaysia's Alam Maritim Resources Berhad disclosed Tuesday that MDSV 1 (L) Inc., a wholly-owned unit of Deepsea Leader Venture (L) Inc. -- its joint venture company with Singapore's Vallianz Holdings Ltd. -- inked a Memorandum of Agreement (MOA) March 25 with Wellspring Marine Trading Ltd. to acquire offshore support vessel OLV Venture 1 for $60 million, the firm said in a filing on local stock exchnage Tuesday.

Built in 2014, the China-registered OLV Venture 1 is a 279 foot (85 meter) dynamic positioning 2 (DP2) 6,000 brake horsepower offshore support vessel, classed under the American Bureau of Shipping Classification Society.

The vessel will be deployed in Malaysian and Southeast Asian waters to support the exploration and production activities in the region.

Alam Maritim expected the acquisition to be completed by mid-April, when OLV Venture 1 shall be registered to ply the Malaysian flag.

"The acquisition is in line with the fleet expansion plan of the Group’s core business in providing marine support services to the offshore oil and gas facilities. This business segment will definitely help to spur growth with the increasing demands for marine support services, locally and internationally, in the upstream sector of the oil and gas industry," the company said.

Alam will finance the vessel acquisition partly with proceeds from the firm's recent New Share Issuance and borrowing from financial institution with staggered payment structure.

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