Singapore: YHH Marine Engineering has agreed to purchase Vina Offshore Engineering for a sale price of S$11m from Technics Offshore Engineering.
Vina is incorporated in Vietnam and is in involved in the production, processing, maintenance and repair of port facilities, materials and equipment for oil and gas industries.
YHH and Technics have signed a nonbinding memorandum of understanding (MOU) for the transaction.
The MOU is valid till March 3, 2015, during which time YHH plans to conduct due diligence investigations into Vina.
The acquisition also includes the assignment of a $751,203 loan to YHH Marine Engineering from Singapore-listed Technics Oil & Gas, parent company of Technics Offshore Engineering. [4/12/14]