Catalist-listed Vallianz Holdings, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, is proposing to acquire a 49 per cent stake in PT Swiber Berjaya (PTSB) for US$17.5 million to gain entry into Indonesia's offshore support vessel market.

It will be acquiring the 49 per cent stake from Swiber Holdings. The remaining 51 per cent stake will continue to be held by PTSB's Indonesian shareholder. On completion of the acquisition, Swiber will continue to benefit from PTSB through its direct shareholding of 23.36 per cent in Vallianz.

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. It operates a fleet of 18 OSVs and plans to acquire another 4 vessels.

For the financial year ended Dec 31, 2013, PTSB recorded a net profit of US$3.4 million.

The acquisition is to be satisfied by a combination of perpetual securities and new Vallianz shares at 11 cents each.

Vallianz chief executive officer Darren Yeo said the acquisition would generate a new source of income for the company and increase the geographical diversity of its earnings base.