Marco Polo Indonesian unit buying two more anchor handlers
Marco Polo's Indonesian unit Pelayaran Nasional Bina Buana Raya (BBR), is reportedly investing as much as $46 million in new vessels to expand its business, Seatrade Asia online reports.
Fresh after its trading debut on Wednesday, BBR president director Loa Siong Bun was quoted as saying that the company is buying two 8,000 bhp anchor handling tug supply (AHTS) vessels this year at a cost of $20m to $23m each, which will be delivered by 2014.
The purchases will be partly financed by the proceeds of its initial public offering, in which the company raised $14.3m by selling a 24% stake, as well as bank loans and internal funds.
The additional anchor handlers will boost BBR's current fleet of three AHTS vessels and help the company’s expansion into Indonesia's oil and gas industry and leverage on cabotage opportunities. “The offshore oil and gas sector in Indonesia is big. Plenty of opportunities there, and we want to tap into that,” said business development director Sean Latip.
