CH Offshore disposes of anchor handlerVessel & ROV News // June 29, 2010
The Board of Directors of CH Offshore Ltd have announced that the company has entered into a memorandum of agreement with PT Bahtera Nusantara Indonesia, a joint venture company between the company’s wholly-owned subsidiary Venture Offshore Pte Ltd (VOPL) and PT Bahtera Niaga Internasional, pursuant to which the buyer will purchase from the company, for an aggregate consideration of US$9.5 million, Temasek Attaka, a 2001-built 5,400 bhp anchor-handling tug supply vessel.
VOPL has a 49 per cent interest in the buyer, while PT Bahtera Niaga Internasional holds the remaining 51 per cent interest.
The aggregate consideration of US$9.5 million for the disposal was arrived at on a willing seller and willing buyer basis after taking into account future prospects, cash flow and potential earnings of the vessel.
The company had engaged RS Platou (Asia) Pte Ltd to undertake an independent valuation of the bessel. As at 12 April 2010, the market valuation of the vessel was estimated at US$12 million.