Triyards buys two Strategic Marine subsidiaries of Henderson

15 October 2014 (Last Updated October 15th, 2014 18:30)

Singapore-based shipbuilder Triyards Holdings has completed the acquisition of Henderson Marine Base's Strategic Marine units in Singapore and Vietnam.

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Singapore-based shipbuilder Triyards Holdings has completed the acquisition of Henderson Marine Base’s Strategic Marine units in Singapore and Vietnam.

Strategic Marine (S) is Henderson Marine’s shipbuilding and fabrication facility in Singapore, while Strategic Marine (V) is a subsidiary in Vietnam.

The sale value of A$23.3m was determined as a premium on the net asset value of A$19.7m of the two subsidiaries.

"The new additions are expected to deliver increased fabrication capacities and provide access to Strategic Marine’s existing clientele. "

The purchase amount will be transferred in cash and will be funded from the proceeds of the issue of new ordinary shares. Triyards issued 29,500,000 ordinary shares in September.

The company said that the acquisition will support its strategy of expanding businesses through both organic expansion and acquisitions of quality assets in key strategic regions.

Triyards offers integrated full-service engineering, fabrication and ship construction service to the global offshore and marine industries.

The new additions are expected to deliver increased fabrication capacities and provide access to Strategic Marine’s existing clientele, Triyards said.

The purchase agreement process is anticipated to conclude within 21 working days.


Image: A patrol boat built by Strategic Marine for the Australian Federal Police. Photo: courtesy of Strategic Marine.