Kim Heng Offshore & Marine
Second pipelayer from Kim Heng
09 March 2010 03:26 GMT
Kim Heng newbuild set to be delivered to J Ray
12 March 2010 01:29 GMT
McDermott set to dish out DP3 deal
28 January 2011 12:26 GMT
21 January 2014 13:30 GMT
The rig repair and offshore services specialist
bagged net proceeds of S$36.4 million (US$28.45 million) from the listing of
174 million shares at S$0.25 apiece.
Kim Heng said it intends to use S$20
million of the proceeds to enhance its yard facilities and also to expand its
own fleet of offshore vessels.
A further $7 million will be spent on
expanding its service offerings to the oil & gas industry, with possible
mergers, acquisitions, joint ventures or other business alliances in the
It will also use $9.4 million for general
working capital purposes, it said.
Of the 174 million shares floated, 3
million were put on public offer and 14 million went to underwriters in overallotments.
The company expects to begin trading on
Singapore’s Catalist bourse on Wednesday.
Kim Heng has two shipyards in Singapore and a
fleet of 40 vessels, such as tugs and crane barges.
Most recently it was involved in performing thruster installation
for the semi-submersible rig Sevan Louisiana unit off Namibia.
Their newbuild yard has also delivered two shallow-water pipelay
vessels, including McDermott's LB32 in 2010.
Your message has been sent
E-mail this to a friend.
Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.
Already a member?
News from other NHST publications
All material published in the newspaper and on upstreamonline.com are Upstream's copyrighted material. Redistribution of any kind without a prior written permission of Upstream (including but not restricted to, redistribution by e-mail, publishing in part on your company's Intranet and publishing on Internet) of any material published by Upstream, will violate Upstream's copyright, and is prohibited by law. You may, however, download material from Upstream for your own personal use.
To protect your subscription investment, we've instituted a security system to protect against the electronic redistribution of copyrighted Upstream Online content.