Kreuz Holdings Limited announces that its subsidiary, Kreuz Subsea Marine Pte Ltd (KSM), has on 30 March 2012 entered into a sale agreement with an unrelated third party to purchase a vessel.
The Vessel is a dynamically positioned construction class diving support vessel for flexible installation and subsea construction and installation activities. KSM expects to take delivery of the Vessel between 14 April 2012 and 18 April 2012.
It will be outfitted with the an integrated saturation diving system rated to 300 metres water depth, and 2 pedestal active heave compensated cranes with capacities of 155 ton and 70 ton and water depth operating capability of approximately 300 metres.
The deck space of the Vessel is 1,700 m2 with a helideck facility and the classification of the Vessel is Det Norske Veritas.
Kreuz undertakes the acquisition as a part of its business strategy to acquire more operating assets so as to expand its range of subsea services and enhance its subsea capabilities in shallow and deep water offshore oil and gas operations.
The purchase price of the Vessel was arrived at based on negotiations on a willing-buyer willing-seller basis taking into account, inter alia, current market conditions and the prevailing market price for similar vessels. The purchase price of the Vessel and additional capital expenditure to be incurred on the Vessel amount to approximately US$22 million in aggregate.
The purchase price of the Vessel and the additional capital expenditure will be funded by a combination of loans from financial institutions, proceeds raised from capital market fund raising exercises, cash flows from operations and/or other financing methods.
[mappress] Subsea World News Staff , April 04, 2012; Image: Kreuz