Singaporean firm takes stake in Aries Offshore Singapore Pte LtdCompany News // February 2, 2011
Singapore-based Hoe Leong Corporation, a relative newcomer to the offshore vessel industry, made its first acquisition, a mud processing barge in 2008, followed by a PSV in 2009.
Now, Seabrokers report, the company has acquired a 51 per cent stake in Aries Offshore Singapore Pte Ltd for a consideration of US$15.1 million. The remaining 49 per cent of Aries is held by a subsidiary of Otto Marine Ltd.
The transaction adds four 5,150 bhp AHTS vessels to the Hoe Leong fleet; all have existing bareboat charter agreements.