Thoresen Thai Agencies, best known for its dry bulk fleet, has announced its strategic plan to expand its investment holdings into the upstream oil production business by its recent open-market acquisition of a 10.14% stake in Valeura Energy, becoming the second largest shareholder in the process.
Valeura Energy, a Canada-incorporated upstream company listed on the Toronto Stock Exchange, has become Thailand’s largest independent offshore crude oil producer.
Chalermchai Mahagitsiri, TTA president and CEO, said the investment in Valeura Energy “offers high potential upside and significant growth opportunities”.
TTA has a long history in investing in the oil and gas business, beginning with Mermaid Maritime, its EPCI and subsea business, which was recently awarded a three-year upstream decommissioning campaign in Thailand.
