| |
SINGAPORE : Mainboard-listed shipping firm Berlian Laju Tanker (BLT) has entered into a joint venture with Singapore-based Miclyn Express Offshore in a bid to capture a share of the Indonesian offshore support vessel market.
BLT will have a 50 per cent stake in the joint venture, which will be named BLT Miclyn Offshore.
BLT said that through the venture, it expects to broaden its charterers' base and penetrate the Indonesian offshore support vessel market, which has an estimated size of US$200 million to US$250 million in revenues at present.
BLT added that the move into this new business segment is also strategic because Indonesia has set an ambitious target to increase its oil production.
Indonesian oil and gas firms are therefore moving more towards offshore and deeper water explorations.
BLT said the venture will also lead to cost efficiency, with the two partners combining their financial strengths to fund the venture with a balanced mix of equity and debt financing. - CNA/ms
|
