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Friday, September 20, 2013

Nam Cheong unit forms JV company in Indonesia to operate and charter vessels


Nam Cheong announced that its wholly-owned subsidiary, Nam Cheong Pioneer Sdn Bhd (NCP) has entered into an agreement with PT Bahtera Niaga Internasional (BNI) to jointly invest in a shipping company in Indonesia.

Under the deal, NCP will acquire 49% of the equity stake in PT Bahtera Niaga Indonesia (the JV company) from BNI for the purchase consideration of US$1.5 million ($1.9 million).

The acquisition will be satisfied in cash through internal resources.

The objective of the JV company is to own, operate and charter of marine vessels for transportation, exploration and production activities in the oil and gas industry and to manage the maintenance of marine vessel and provision of offshore marine service and all other related businesses and activities.

The acquisition is in line with the group’s corporate strategy to strengthen its position as one of the leading global offshore marine players and grow its recurring income stream through the utilisation of BNI’s ship management and crew expertise.

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