Vallianz buys Indonesian operator stake from Swiber

Vallianz buys Indonesian operator stake from Swiber
Singapore: Vallianz Holdings has announced that is will be acquiring a 49% stake in Indonesia offshore vessel operator PT Swiber Berjaya for $17.5m.
Vallianz is buying the stake from Swiber Holdings who currently owns a 23.36% stake in Vallianz, giving both firms the benefit of a foothold in the Indonesia market which is still heavily regulated by cabotage laws. 
PT Swiber Berjaya operates a fleet of 18 OSVs made up of AHT, AHTS, flat top barges and accommodation work barges.
Darren Yeo, Vallianz ceo, commented, “The acquisition provides Vallianz with a platform to gain immediate access to the cabotage-protected OSV market in Indonesia, and will enable us to ride on the burgeoning prospects of the country’s offshore oil and gas market. In addition to generating a new source of income, the acquisition will also increase the geographical diversity of the group’s earnings base”. [10/11/2014]