Scomi, Portside still in negotiation over Rig Tenders acquisition
Thursday, June 16 2011 - 02:42 AM WIB
PT Revessel will have at least 51 percent stake in Rig once the deal is completed, it said, adding that Portside and will also act as standby buyer of Rig Tenders' right issue
In December 2010, Rig Tenders has signed share purchase agreement with SMS to acquire the entire stake owned by SMS in four Singapore companies including CH Logistics Pte.Ltd (CHL), CH Ship Management Pte.Ltd (CHS), Goldship Private Limited and Grundtvig Marine Pte.Ltd (GM). The company will spend a total of US$135.9 million and Rp 323.1 billion for the acquisition.
Rig said on December 18, 2010 that it would soon hold an extraordinary meeting of shareholders to seek approval for the acquisition plan. The company said that the acquisition would be financed with bank loans, which were now under negotiation.
Rig also reported that its revenue during 2010 was down by 10.2 percent to US$43.9 million compared to the previous year due to the decrease in the volume of coal transported from South Kalimantan coal miner PT Adaro Indonesia.
The company has a long-term coal transportation contract with PT Adaro Indonesia and PT Arutmin Indonesia.
As coal transportation volume from Adaro has decresed, the company has reduced its operating fleet to 50 from 53 units.
The company is principally engaged in the chartering of tugs and barges to transport coal and other bulk aggregates to coal mining industry as well as chartering of supply vessels and accommodation and work over barges to support offshore oil and gas industry.
This includes offshore support services in various phases of offshore exploration, development, and production activities, largely related to placement, installation, maintenance and substitution services for offshore installations, pipe-laying and single buoy mooring, salvage operation, as well as ship management and agency services.
The company currently own and operate a fleet comprising of eight supply vessels, two accommodation barges for oil and gas business and 25 tugs, 14 barges for coal transportation business. (giok)