KCA Deutag takes control of barge trio
KCA Deutag has acquired Singapore-based Global Tender Barges, increasing its shareholding from 10% to 100%.
ABERDEEN, UK – KCA Deutag has acquired Singapore-based Global Tender Barges, increasing its shareholding from 10% to 100%.
GTB owns three self-erect tender barges, the Global Emerald, Global Jade, and Global Sapphire, which KCA Deutag has operated on its behalf since early 2008.
This involves a management services agreement providing drilling operations, maintenance, procurement, and other services connected with the offshore operations.
The transaction should provide KCA Deutag with annual revenues of around $115 million.
Global Emerald is on contract to Brunei Shell Petroleum until 1Q 2012, and Global Sapphire to Petronas, Malaysia until 2014.
Recently, Global Jade has demobilized from a long-term contract with Total in Indonesia and is being bid for various new long-term contracts. Negotiations with one client are nearing a close.
Holger Temmen, KCA Deutag’s CEO, said: “The three rigs have an excellent order backlog and bidding activity in the barge sector remains high, with a number of exciting long-term opportunities in Southeast Asia and West Africa that may also justify investing in newbuild units…
“Southeast Asia is attracting very large investments from our major oil company clients and provides exciting growth opportunities for companies in the oilfield services sector.”