Alam Maritim in OSV buy

Alam Maritim Resources Berhad has announced that a subsidiary of Deepsea Leader Venture, MDSV 1, has signed a Memorandum of Agreement with Wellspring Marine Trading for acquisition of offshore support vessel OLV Venture 1.

Deepsea is a joint venture between ALAM and Vallianz International. The principal activities of
Deepsea are ship management and operation, ship owning, ship maintenance and marine consultancy.

According to ALAM, the contract was signed on March 24, 2015 and it is worth $60 million.

OLV Venture 1 was built in 2014 and is currently registered in China. The offshore support vessel is of 85M DP2 6000 brake horse power (BHP) and classed under the American Bureau of Shipping Classification Society.

The vessel is planned to be deployed in the operational waters of Malaysia and South East Asia to support the exploration and production (E&P) activities in the region, ALAM said in its Bursa Malaysia filing.

Furthermore, the acquisition is expected to be completed by mid April 2015. After the acquisition, the vessel will be registered to operate under the Malaysian flag.

Offshore Energy Today Staff

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