Singapore: OSV firm Vallianz Holdings is acquiring OER Holdings for $27.7m.
Headquartered in Singapore, OER is a provider of manpower services to the offshore industry and has been supplying professional crew with proven experience in offshore work and related hospitality services to clients worldwide including Brunei, Indonesia, Malaysia, Vietnam, Thailand, India and Mexico.
OER was founded by Indonesian national Sugianto Tandio
The purchase consideration will be satisfied by the issue of 250m ordinary shares in the capital of Vallianz at a price of S$0.14 per share. This represents a premium of 27% to Vallianz’s volume-weighted average price of S$0.1101 per share on 30 September 2014.
The acquisition follows on the heels of Vallianz’s recent purchase of a marine base in Batam, Indonesia.
Darren Yeo, ceo of Vallianz, said, “The group provides crew personnel as part of our services for our vessels under charters, as well as for third-party vessels. By acquiring OER, we will be able to consolidate the management of crew resources under one roof, and benefit from improved operational efficiency and economies of scale.” [01/10/14]