Halcyon Offshore completes acquisition of Cables InternationalCompany News // September 30, 2010
Halcyon Offshore Pte Ltd, a Singapore-headquartered integrated engineering and construction services provider for the offshore oil and gas industry, has completed its acquisition of Cables International Pte Ltd (CI) from SGX-listed King Wan Corporation and CI’s management for S$30 million.
CI is now Halcyon Offshore’s fourth business unit - Offshore Electrical & Controls (OEC), which will supply and distribute specialty cables to the offshore, marine and mining sectors.
Leading OEC are the previous management shareholders of CI – CEO and Founder Peter Ong, Executive Director and Founder Brian Sweeney and Managing Director of Malaysia operations Redzwan Gunasegar.
Mr Robert Meyer, CEO of Halcyon Offshore’s holding company, HEC, said: “We have been working closely with Peter, Brian, and Redzwan to fully integrate CI into the Halcyon family since the acquisition agreement was signed, and we are pleased to share that CI is now very much a part of Halcyon Offshore."
"OEC’s product and service offerings are an excellent complement to the business activities of Halcyon Offshore’s existing three business units – Offshore & Marine Equipment, Offshore & Marine Accommodation and Offshore Construction & Fabrication."
"Together, the four business units will enable Halcyon Offshore to derive further business synergies, and provide more comprehensive and better integrated solutions and value-added services to our clients in Singapore and the region.”