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Kim Heng Offshore & Marine Holdings subsidiary acquires two anchor handling tugs for US$4.8 mil

Felicia Tan
Felicia Tan • 2 min read
Kim Heng Offshore & Marine Holdings subsidiary acquires two anchor handling tugs for US$4.8 mil
Kim Heng Offshore & Marine Holdings says its 51%-owned subsidiary Bridgewater Offshore (BWO), has acquired two units of 12,500 horsepower anchor handling tug (AHT) on July 24.
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Kim Heng Offshore & Marine Holdings, an established integrated offshore and marine value chain services provider, says its 51%-owned subsidiary Bridgewater Offshore (BWO), has acquired two units of 12,500 horsepower anchor handling tug (AHT) on July 24.

The AHTs, Salvanguard and Salvigilant, were acquired from the Posh Terasea liquidation for a consideration of US$4.8 million ($6.6 million), funded through internal resources and bank loans.

They will be renamed as Bridgewater 160 and Bridgewater 161 respectively.

BWO had previously acquired two AHTs from the same liquidation for a consideration of US$5.2 million on May 21.

The company presently owns a fleet of 4 AHT and 1 Anchor Handling Tug Supply vessel (AHTS). Its aim is to invest for the future in cycle positioning so as to take advantage of buying distressed assets at significant bargains with the right value.

Kim Heng Offshore & Marine Holdings says the acquisition will not have any material impact on the earnings per share (EPS) and net tangible asset (NTA) of the group for the financial year ending December 31.

Tan Wen Hao, Justin Anderson, who is the son of Thomas Tan, executive chairman, CEO, and controlling shareholder of Kim Heng Offshore & Marine Holdings, was appointed as a director of BWO.

Shares in Kim Heng Offshore & Marine Holdings closed 0.1 cent lower, or 3.6% down, at 2.7 cents on Friday.

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