Vallianz to acquire Swiber Holdings' 49% stake in Indonesian OSV operator

After announcement of stellar 3Q financials.

Vallianz has provided itself a platform to gain immediate access to the cabotage-protected OSV market in Indonesia.

According to a media release, Vallianz Holdings Limited, a fast growing provider of offshore support vessels and integrated marine solutions to the oil and gas industry, is proposing to acquire a 49% stake in PT Swiber Berjaya (PTSB) for US$17.5 million to gain entry into Indonesia’s offshore support vessel (OSV) market.

The Group will be acquiring the 49% equity interest in PTSB from Swiber Holdings Limited (Swiber).The remaining 51% in PTSB will continue to be held by PTSB’s Indonesian shareholder. Upon completion of the Acquisition, Swiber will continue to benefit from PTSB through its direct shareholding of 23.36%1 in Vallianz.

Established in 1996, PTSB owns and charters OSVs to support the oil and gas exploration and production activities of oil majors and national oil companies in the Indonesian waters.

Chief executive officer of Vallianz, Darren Yeo says, “This is a major step forward for the Group. PTSB is an established OSV operator with a strong track record. The Acquisition provides Vallianz with a platform to gain immediate access to the cabotage-protected OSV market in Indonesia, and will enable us to ride on the burgeoning prospects of the country’s offshore oil and gas market. In addition to generating a new source of income, the Acquisition will also increase the geographical diversity of the Group’s earnings base.”