Home THE DAILY EDGE Business Viking Offshore eyes acquisitions to power ahead
Viking Offshore eyes acquisitions to power ahead

Tags: Keppel Corporation | Nico Steel Holdings | Sembcorp Marine | Tt International | United Envirotech | Viking Offshore And Marine

Written by Reuters   
Monday, 27 September 2010 12:49
Article Index
Viking Offshore eyes acquisitions to power ahead
Building a war chest
All Pages
smaller text tool iconmedium text tool iconlarger text tool icon

Singapore offshore and marine services firm Viking Offshore <VIKO.SI> expects revenue in 2010 to exceed $100 million, while it eyes acquistions of at least two more firms to boost growth, senior officials said.

The firm was previously known as Novena Holdings, a furniture maker, and only began its shift to the offshore and marine sector earlier this year when it bought Viking Airtech, which designs and installs the heating, ventilation, air-conditioning and refrigeration systems used in rigs and vessels.

“Every company we acquire, we want to make sure at least they’re number one or two in that industry, that’s our wish list,” Andy Lim, CEO of Viking Offshore told Reuters in an interview. “Hopefully in the near future, if we find the right fit, we will merge with them.”

“We expect revenue this year to cross the $100 million mark,” he added. The firm had revenue of $37.6 million in 2009.

Viking Offshore aims to be a “one-stop” shop for shipyards like Keppel <KPLM.SI> and Sembcorp Marine <SCMN.SI>, by acquiring companies that provide various mechanical and engineering services to them.

It is in talks with at least two firms, which Lim said would add installation of marine communication equipment, instrument controls and fire safety systems to its services if acquired by Viking Offshore.
 



Last Updated on Monday, 27 September 2010 12:51