Singapore’s Kim Heng Offshore & Marine continues to grow its offshore fleet at pace, returning to snap up two more vessels from the Posh Terasea liquidation.
Kim Heng’s 51% owned subsidiary Bridgewater Offshore (BWO) has acquired two 12,500 horsepower anchor handling tugs, Salvanguard and Salvigilant, from the Posh Terasea liquidation for a total of $4.8m. The pair will be renamed as Bridgewater 160 and Bridgewater 161.
Earlier this year, BWO had acquired two anchor handling tugs s from the Posh Terasea liquidation for $5.2m.
“The aim of BWO is to invest for the future in cycle positioning so as to take advantage of buying distressed assets at significant bargains with the right value. These vessels acquired have to be in good working condition so that they can be deployed quickly to work and anticipated to produce growth for the company,” Kim Heng said in a statement.
The acquisition will grow the Bridgewater fleet to seven vessels.