Kim Heng picks up 3 Swiber vessels for 'bargain US$9.6m' as it looks to industry turnaround

SINGAPORE - Kim Heng Offshore & Marine has bought three vessels - the Swiber Anne-Christine, Swiber Else-Marie and Swiber Mary-Ann - for a bargain US$9.6 million (S$13.3 million)  in total.

The vessels will be used to perform tow services for the group's clients' jack-up rigs and salvage operations. The group also aims to deploy the vessels for long-term charters when opportunities arise.

Kim Heng said in a statement on Monday (June 12) that the oil and gas downturn "enabled the group to acquire these assets at extremely low valuations". The vessels were previously valued at about US$33 million each.

The purchases are part of efforts to prepare for an eventual turnaround in the sector, the company added.