Offshore logistics company Sical Logistics would acquire Singapore-based Bergen Offshore Logistics Pte Ltd for a consideration of $96.9 million. Bergen is a provider of specialised logistics for offshore oil and gas exploration. Sical’s acquisition would be funded through the company’s recent $16.9 million FCCB offering and a structured loan of $80 million from NIBC Bank, Singapore.

Ashwin Muthiah, vice-chairman, Sical Logistics, said, “In the face of the continuing high demand for energy, globally, the offshore energy exploration space has become very active, and this has created huge demand for new generation, deep water support vessels. We see a favourable demand-supply mismatch over a few years.” The acquisition would contribute about $27 million to Sical’s revenues. [Via Business Standard]

Posted on 09/28/06, 11:28 AM
in: Main Page, Mergers & Acquisitions
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