Hoe Leong: Co will purchase 51% of Aries Offshore (49% owned by Otto Marine) and obtain a transfer of a loan of S$20.5m made to Aries Offshore from Aries AP. Consideration of $19.9m will be paid to Aries AP through mix of debt and internal resources…
Acq comes with 4 AHTS with existing bareboat charter contracts, and Otto Marine will step in as charterer if any contracts are terminated or expire within 3 yrs. The purpose of acq is to diversify from industrial parts biz to other income streams through provision of vessel-chartering services for oil and gas industry….
Total operating fleet size for Hoe Leong, now at 18 vessels.
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