LISTED Alam Maritim Resources Bhd (5115) and CIMB Private Equity and Venture Capital (CIMB PE) have formed a new company to buy five vessels worth US$70 million (RM252 million) in the coming months.
The move is to take advantage of the growing demand for offshore support vessels, especially from the local players to back up the oil and gas industry, executives of the companies said.
CIMB PE holds a 51 per cent stake in Alam-PE Holdings (L) Inc and Alam Maritim the remaining 49 per cent.
Alam Maritim managing director and chief executive officer Azmi Ahmad said the vessels will support moderate and deepwater exploration activities. Deliveries are expected from now until the first half of 2009.
"We have secured a three-year charter contract for one of the vessels at a rate of US$11,000 (RM39,000) a day," he said after signing the joint venture agreement in Kuala Lumpur yesterday.
Azmi said 80 per cent or US$63 million (RM224 million) of the total purchase price would come from loans by CIMB Islamic Bank Bhd.
Alam Maritim is increasing its fleet size from the current 15 vessels to 26 by 2010, Azmi noted.
Besides the five new vessels via Alam-PE, Alam Maritim is buying another six with deliveries expected from now till 2010.
The 11 new vessels, he said, would collectively cost RM550 million to RM600 million.
Azmi expects DCR (daily charter rate) on new contracts to go down 10-15 per cent because of the current global economic slowdown.
Meanwhile, CIMB PE head Darawati Hussain said the investment in Alam-PE represents one of the company's biggest in recent years.
CIMB PE, which has RM1.3 billion of third-party funds under its management, has targeted to invest in 20 companies in various sectors this year.
It is finalising talks for six other ventures with a combined investment of RM60 million, she added.
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