Swissco Holdings has signed a non-binding memorandum of understanding (MOU) to acquire the VM Marine International group. No financial details about the deal were disclosed.
The MOU was signed with Melvin Rodrigues, owner and director of VM Marine International, which owns and operates anchor handling tug supply vessels (AHTSs), platform supply vessels (PSVs) and other offshore support vessels (OSVs) through its subsidiaries.
The group is parent company to Singapore-based VM Offshore and its subsidiary VM Offshore India; VM Services and vessel holding company Savannah International Offshore.
The proposed acquisition will also include two companies owned by Rodrigues and his associates, Chanella Offshore Inc and Galileo Ship Management & Travel Private Ltd, which are registered in Panama and India respectively. Shareholdings in the two companies are being transferred to the VM Marine group, after which they will be included in the deal.
Singapore-listed Swissco said it will continue to discuss the proposed acquisition with VM Marine and will conduct due diligence before finalising the definitive agreements for the buy-out.