CH Offshore

PT Bahtera Nusantara Indonesia is buying an AHTS vessel (2001-built 5,400 bhp) from CH Offshore for US$9.5m (about 20% discount to mkt valuation). As the net book value of the vessel is US$7.89m. CHO will still realize a disposal gain of US$0.82m given that it has a 49% stake in the Buyer. We understand the vessel contributed net profit of about US$1.7m. According to mgtm, the net proceeds will be used for capital expenditure for future expansion and working capital.