Buana Bina Raya acquires AHTSVessel & ROV News // June 28, 2013
Exchange Mainboard-listed Marco Polo Marine Ltd has, via its 49.6 per cent-owned subsidiary, PT Pelayaran Nasional Buana Bina Raya TBK, taken delivery of a newly built 9,000 bhp anchor handling tug supply (AHTS) vessel from a third party shipbuilder.
The company said the acquisition, which is in line with the group's expansion plans in Indonesia, was "timely" given current robust demand in Indonesia for such a vessel that would normally take at least 18 months to build.
The acquisition is funded largely through a vessel loan, with the balance from the proceeds of the Initial Public Offering (IPO) of PT BBR TbK which was concluded in early 2013.
The mid-sized AHTS vessel, MP Prevail, is currently undergoing a reflagging exercise to the Indonesian flag as there is currently very limited supply of such vessels in Indonesia waters.
The vessel, which is equipped with a DP2 dynamic positioning system, has a bollard pull of approximately 115 tonnes.