Just weeks after pulling out of a plan to rescue Emas Offshore, Baker Technology subsidiary BT Investment (BTI) has taken a majority stake in Singapore offshore vessel owner CH Offshore.
BTI had agreed to acquire 217,800,000 shares from Falcon Energy Group and 153,846,150 shares from SZ Offshore Investment to give it a 52.72% stake in CH Offshore. It is now required to make an unconditional cash offer for the remainder of the shares, which it has done at a price of S$0.13 per share.
Should the offer be completed, BTI will have paid around S$57.2m ($40m) for CH Offshore which has a fleet of 16 vessels, four of them co-owned.
“This is a more conventional fleet than Emas and has been well utilised and maintained. CH Offshore has been going for many years and never suffered from the ‘excess’ seen in the newer companies that started in the noughties,” an industry observer told Splash.