Vallianz Holdings is proposing the acquisition of a 49 percent stake in PT Swiber Berjaya, an offshore support vessel chartering company.
The move by Vallianz, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, will help the company break into Indonesia’s OSV market.
Vallianz will be taking over the 49 percent equity interest from Swiber Holdings Limited. The remaining 51 percent in PTSB will continue will continue to be held by the company’s Indonesia shareholder. Once the acquisition is completed Swiber will still benefit from PTSB through its 23.36 percent shares in Vallianz.
Founded back in 1996, PTSB owns and charters OSVs to the oil and gas industry in Indonesia. It has a fleet of 18 vessels, including AHT, AHTS, flat top barges, and accommodation work barges. PTSB also plans to add another four vessels to its current offering.
Group chief executive officer and President of Swiber, Francis Wong said, “This deal makes good business sense for all parties. With its management expertise and wide network in the global OSV markets, we are confident that Vallianz will provide the impetus for PTSB to build and strengthen its market position in Indonesia. As a major shareholder of Vallianz, Swiber stands to benefit from Vallianz’s and PTSB’s future growth. At the same time, Swiber can continue to offer its customers a complete and integrated suite of offshore construction and support services through its group of companies.”
The Indonesia oil and gas sector is currently on a high, with capital expenditure expected to rise 32.6 percent year-on-year to $25.6 billion in 2014 according to SKK Migas.