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Singapore : Kreuz acquires US$22million vessel
Publish Date : 05-Apr-2012
Swiber\'s listed subsidiary, Kreuz Holdings Limited, on Wednesday said its unit, Kreuz Subsea Marine Pte Ltd, is acquiring a dynamically positioned construction class diving support vessel for US$22 million.
The purchase consideration includes the purchase price and additional capital expenditure to be incurred on the vessel.
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.
\'The acquisition is undertaken as part of the group\'s 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,\' it said.
The vessel which will have a helideck facility, will be outfitted with an integrated saturation diving system rated to 300 metres water depth. It will also have two pedestal active heave compensated cranes with capacities of 155 ton and 70 ton and water depth operating capability of approximately 300 metres.
Kreuz expects to take delivery of the vessel between April 14, 2012 and April 18, 2012.
