Singapore’s Kim Heng Offshore & Marine has announced the acquisition of two 12,500 horsepower AHT from the POSH Terasea liquidation for $4.8m.
The two AHTs are the Salvanguard and Salvigilant, and they will be renamed Bridgewater 160 and Bridgewater 161 respectively.
The acquisition is made through Kim Heng’s 51% owned subsidiary Bridgewater Offshore (BWO).
BWO had previously purchased two AHT – Salveritas (renamed Bridgewater 163) and Salvicervoy (renamed Bridgewater 168) – also from POSH Terasea liquidation for $5.2m.
At present, BWO has a fleet of four AHTs and one AHTS.
“The aim of BWO is to invest for the future in cycle positioning so as to take advantage of buying distressed assets at significant bargains with the right value. These vessels acquired have to be in good working condition so that they can be deployed quickly to work and anticipated to produce growth for the company,” Singapore-listed Kim Heng said.
Kim Heng added that the expanded fleet will put the company in a good position to take advantage of an eventual upturn and to achieve better economies of scale.
The liquidated company POSH Terasea was a joint venture between PACC Offshore Services Holdings (POSH) and Terasea, which was in turn a joint venture between Ezion Holdings and Seabridge Marine Services.
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