The integrated offshore Engineering, Procurement, Construction, Installation and Commission contractor with a complementary business in the supply of marine support vessels, today announced that its wholly-owned subsidiary, Kreuz Engineering Limited 1 , has acquired two Subsea Support vessels and two deepwater Anchor Handling Tug/Supply (ďAHTSĒ) vessels from Thaumas Marine Ltd for US$108.0 million. The US$108.0 million does not include the equipment that Swiber will retrofit and/or purchase for the vessels.
The new acquisition marks the gradual progression of Swiberís strategic move to capture the subsea and deep water activities.
The two 78-metre DP2 Subsea Support vessels and the two deepwater 70-metre 10,000 BHP (brake horsepower) AHTS vessels are expected to be delivered between last quarter of 2009 and first quarter of 2010.
The Subsea Support vessels will be outfitted with the state-of-the-art SAT system incorporating an advanced self propelled hyperbaric rescue chamber and 100-ton heave compensated crane. The vessels will also have a Class 2 Dynamic positioning system, accommodations for 146 personnel and a working moonpool. These Subsea Support vessels will complement Swiberís existing EPCIC activities to perform subsea hardware installation and inspection, repair, and maintenance.
The two deepwater 70-metre 10,000 BHP AHTS vessels will be the first deepwater vessels Swiber has acquired. When delivered, the deepwater vessels will be available to international oil and gas companies for their deep-sea operations.
"The acquisition of the Subsea Support vessels and deepwater AHTS vessels is a significant first step towards extending our capabilities to subsea and deep water activities. Our expanded fleet will serve to sharpen our competitive edge and enhance our position as a leading, niche service provider to the offshore Oil and Gas sector. The scale-up of our capabilities and capacities to take on more offshore oil and gas projects will serve to broaden our revenue streams. We expect revenue synergies and growth potential from these acquisitions," said Mr Raymond Goh, Executive Chairman and Chief Executive of Swiber.
The acquisition of the vessels will be financed through the proceeds raised from the successful completion of the Groupís recent SGD bond offering of S$108.5m2 and sale and leaseback arrangement.
Since 31 December 2006, Swiber has dramatically increased its operating fleet of vessels from 11 to 20, comprising nine tug boats, nine barges, one crane barge (Dalihao) and one jack up barge. In addition, 17 vessels, comprising 11 tugs, 3 accommodation barges, one submersible barge, one 4,180 tons derrick crane barge and one pipelay barge, are currently under construction/conversion. With the addition of these four new vessels, Swiberís fleet of offshore marine vessels will be increased to 41 by the beginning of FY2010, significantly boosting the Groupís capabilities and competitive edge in the offshore marine support and EPCIC services sector.
"Our vessels purchase basically underscores the growing demand for Swiberís offshore oil and gas services. As at 30 June 2007, our outstanding order book, including letters of intent, stands at US$218.7 million, and looking ahead, we believe the offshore oil and gas industry presents many opportunities for Swiberís continued growth," said Mr Goh.
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