Singapore Exchange Mainboard-listed Aztech Group Ltd. has acquired the leasehold interest of a shipyard, now known as AZ Marine Offshore Services Pte. Ltd.
Occupying a site area of approximately 251,500 square feet and water frontage of approximately 2,475 feet long, the shipyard consists of a part 4-storey / part 6-storey detached factory with an open yard and jetty.
The acquisition of this waterfront and yard facilities will strengthen AZ Marine’s vessel repair and maintenance works capability, allowing it to further develop its marine logistics business and expand into third-party repair, refurbishment and retrofitting works of vessels.
With in-house machining workshop in the shipyard, the company will be able to shorten the machining lead time and provide better turnaround time for vessel repairing.
“In the long run, this acquisition will further open up new revenue opportunities in the fabrication and high value-added services catering to the fast growing oil and gas industry.
It will also enable AZ Marine to better provide ancillary services such as ship agency, ship chandling and vessel resupply to its clients, ” the company said.