Singapore: Aggressive Viking Offshore & Marine has made plain it has a warchest for acquisitions. Announcing its annual results, Andy Lim, the company’s chairman, said: “Apart from expanding our product range and overseas footprint, we are charting a growth strategy by building up a portfolio of assets in rigs and vessels which can increase the scale of our operations while delivering recurring revenue.”
In November last year, the group announced that it has entered a strategic partnership with the founders of Labroy Marine to construct a drilling jack-up rig at a cost of approximately $180m, marking Viking’s entry into the mainstream O&M to build a new pillar of growth through asset ownership and offering asset-based services including rig charter.
“The [g]roup remains on the lookout for opportunities to expand its core businesses, including possible mergers and acquisitions,” Viking said in a release.
Viking’s net profit last year soared 227% year-on-year to S42.2m, propelled by stronger overseas orders, especially for heating, ventilation, air-conditioning and refrigeration systems for the offshore and marine industry. [14/02/14]