SBI Offshore appoints Mirzan Mahathir to its board of directors

Mr Mirzan was made non-independent, non-executive director following the partial completion of a placement of SBI Offshore's shares to him and two other investors on Tuesday, which has raised approximately $9.1 million to-date. -- PHOTO: SBI OFF
Mr Mirzan was made non-independent, non-executive director following the partial completion of a placement of SBI Offshore's shares to him and two other investors on Tuesday, which has raised approximately $9.1 million to-date. -- PHOTO: SBI OFFSHORE

Singapore-listed oil and gas solutions provider SBI Offshore announced on Wednesday that it has appointed Mirzan Mahathir, a prominent businessman and son of Malaysia's former prime minister Mahathir Mohamad, to its board of directors.

The Catalist-listed company said the move will enable it to leverage on Mr Mirzan's oil & gas contacts and experience. Mr Mirzan is also a director of Philippine Stock Exchange-listed Petron Corporaton, the largest oil refining and marketing company in that country.

Mr Mirzan was made non-independent, non-executive director following the partial completion of a placement of SBI Offshore's shares to him and two other investors on Tuesday, which has raised approximately $9.1 million to-date.

The proceeds from the placement will be used for working capital, existing and new projects and possible acquisitions by SBI Offshore. The company had announced on 27 August that it has commenced negotiations to build up to five jack-up rigs for operation in water depths of up to 110 metres for a Middle East-Chinese consortium.

Mr Mirzan, an experienced investor with interests in the O&G sector, holds 27 million new shares in SBI Offshore via CE Ventures Offshore Ltd. His 12.1 per cent-stake in SBI Offshore's enlarged share capital base of 222.68 million shares makes him one of the group's largest shareholders.

On his appointment, Mr. Mirzan said, "I am honoured that SBI Offshore has invited me to join the board. As a director and a significant shareholder, I intend to share my corporate and business experience, particularly in the O&G sector."

"SBI Offshore has a suite of drilling equipment products and solutions, and a clear strategy to penetrate emerging markets in Asia, the Middle East and possibly South America. These markets require strong relationships and deep understanding of the operating environment. I hope to leverage on my network of international contacts to help SBI Offshore's senior management as they engage these markets," he added.