Rig Tenders signs $20m lending facility
Friday, July 13 2012 - 01:06 AM WIB
IDX-listed Shipping firm PT Rig Tenders Indonesia has signed a US$20 million lending facility with creditors arranged by the Jakarta branch of Standard Chartered Bank. The company said that the agreement was signed on June 28.
The credit facility will be used to help finance a $57 million worth of acquisition of three subsidiaries of Scomi Marine Services Pte Ltd (SMS) by Rig Tenders, a unit of SMS.
The tree companies to be taken over by Rig Tenders are CH Logistics Private Limited, CH Ship Management Private Limited and Grundtvig Marine Private Limited.
The acquisition process is part of the restructuring move announced by the Scomi Group Bhd in March in a bid to create a larger and more integrated upstream service provider.
Editing by Reiner Simanjuntak