Malaysian engineering group Eversendai Corporation has announced that it has agreed to acquire the entire issued capital of Vahana Offshore from Vahana Holdings, which is privately owned by its chairman Tan Sri AK Nathan Elumalay.
The agreement comes after Varhana Holdings offered to sell Varhana Offshore to Eversendai in February.
Vahana Offshore currently owns liftboat Vahana Aryan and has another newbuild liftboat Vahana Arjun under construction at Eversendai’s yard.
Both vessels have secured a five-year charter contract to workon Saudi Aramco projects, which will start in June 2020 for Vahana Aryan and June 2021 for Vahana Arjun.
Eversendai believes the deal will help improve the company’s bottom line and bring new revenue sources for the company.