SINGAPORE (Mar 1): Kim Heng Offshore & Marine, the integrated offshore & marine (O&M) value chain services provider, says it has purchased a 6,000BHP anchor handling tug/supply (AHTS) vessel for about $0.7 million.

The vessel, named Pacific 8, will be renamed as Bridgewater 80 and join Kim Heng’s growing fleet of AHTS vessels upon being fully operational in May 2018.

Measuring 60 by 16 metres, the approximately 70 tons bollard pull AHTS will be used to perform tow services and other offshore-related activities. The group says it also aims to deploy the vessel for long term charters as and when opportunities arise.

Bridgewater 80 will join Kim Heng’s three newly-acquired AHTS vessels – Bridgewater 130, Bridgewater 131 and Bridgewater 132 – which have been deployed, and successfully performed rigs towage for various leading oil majors and drilling contractors in Brunei and Malaysia.

Kim Heng says the acquisition is line with its direction to further expand and improve its vessel owning and operating capabilities to offer full scale offshore activities solutions.

The group adds that it is currently in the process of acquiring more vessels, to take advantage of economies of scale to improve the group’s profit margin.

Shares in Kim Heng closed 2.1% lower at 9.4 cents on Thursday.