Viking shifts focus to building portfolio of offshore and marine assets
- POSTED: 22 Jan 2014 22:56
SGX Catalist-listed Offshore and Marine company, Viking, is focusing its efforts on building its portfolio of offshore and marine assets and developing a chartering business.
SINGAPORE: SGX Catalist-listed Offshore and Marine company, Viking, is focusing its efforts on building its portfolio of offshore and marine assets and developing a chartering business.
Viking currently specialises in providing support services and equipment to the offshore and marine industry, after having completely divested its non-core retail and distribution businesses last year.
The firm has plans to continue expanding overseas, with new orders from overseas markets secured in FY2013 up 58 per cent on-year.
Its order book has more than doubled to S$85 million as at 31 December 2013 from S$42 million a year ago.
Going forward, Viking hopes to acquire more offshore and marine assets such as platforms, rigs and vessels.
They are optimistic about demand in the new business area as they expect many to be looking to upgrade old rigs.
Daniel Lin, executive director of Viking Offshore and Marine, said: "When we own the rig, we're able to move some of our own services onto the rigs or the vessels, so it's a very natural move for us to go mainstream, and to also further strengthen the ability for us to build a bigger brand name for Viking because people take you more seriously when you go more mainstream. And we're able to do that because of our existing relationships and experiences with offshore marine services.
“In the shorter term, we'll be looking to acquire rigs that have already existing contracts that will help to bring in some steady, stable revenue to the company. Moving forward, we'll be happy to look at new acquisitions, rigs with existing contracts -- the idea is to provide that recurrent income for the group."