Marco Polo acquires utility vessel to expand its offshore business to Thailand

Marco Polo Marine Ltd (“Marco Polo Marine” or the “Group”), a growing integrated marine logistic group is pleased to announce that its Singapore incorporated wholly-owned subsidiary, Marco Polo Offshore (II) Pte Ltd (“MPOII”) has signed a memorandum of agreement (“MOA”) to purchase a utility vessel (“the Utility Vessel”) for a total cash consideration of US$4.87 million (“Purchase Consideration”).  
The Utility Vessel, known as SMS Spectrum, is a 40-metre Panamanian-flagged vessel built in 2010. 
The Purchase Consideration was arrived at on a ‘willing-buyer willing-seller’ basis after taking into account the potential economic benefits of the Utility Vessel to the Group. The acquisition will be funded by internal funds and external bank borrowings.   
In view of the robust global demand for oil and gas, the Group accelerated the expansion of its offshore business division and identified the potentials of the energy sector in Australia and Thailand for growth.  
In Q1 FY2011, the Group acquired two utility offshore vessels that ply in Australian waters to increase its participation in this regional potential. This  latest acquisition of the Utility Vessel will add to the Group’s growing fleet of offshore support vessels and contribute to the Group’s profitability in FY2011. 
“The increase in global demand for energy is a great opportunity for the Group to expand its offshore 
business. The acquisition of the Utility Vessel that is currently providing support services for oil exploration in the Gulf of Thailand will help the Group to penetrate the offshore business in Thailand. 
Backed by an experienced offshore marine team, we are excited to augment growth by capitalizing on the business opportunities arising from the booming energy market in the region” commented Mr Sean Lee, the CEO of Marco Polo Marine.  
Source: Press release