LFG unit to offload vessel in RM32mil agreement
Omni Victory is a Malaysian-flagged anchor handling and supply tug built in 2010 with a deadweight tonnage of 2,524 tonnes and a static bollard pull of 108 tonnes.
Acquired by LFG in March 2011 for RM65.8mil, the vessel's net book value stood at RM22.57mil as of May 31.
The purchaser, Huashun Shipping (Liberia) Inc, operates as a wholly owned unit of Shenzhen Huawei Offshore Shipping Transport Co Ltd.
In a filing with Bursa Malaysia yesterday, LFG said it will retain no liabilities or provide any guarantees following the transaction.
The sale price was negotiated on a willing-buyer, willing-seller basis, with the vessel valued at US$5.7mil by an independent valuer last December.
The proposed disposal is part of LFG's ongoing fleet rejuvenation efforts to modernise and replace its fleet in line with the evolving market demands of the oil and gas industry.
'This also aligns with LFG's rebranding and long-term strategy to diversify from being a pure offshore support vessel player into other vessel asset classes, supporting our pivot towards new markets and strengthening our long-term growth and operational flexibility,' the group said in its filing.
Proceeds from the sale will be directed toward general corporate purposes and to fuel LFG's growth initiatives.
While the transaction will not impact LFG's issued share capital or the shareholdings of its major shareholders, it is expected to yield a net gain of approximately RM8.15mil, positively affecting LFG's earnings, net assets and gearing for this year.
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