| Chennai, 27 September 2006:
Sical Logistics Ltd, India’s leading provider of integrated
multi-modal logistics for bulk and containerized cargo, today announced
that it has acquired Singapore-based Bergen Offshore Logistics Pte
Ltd, a provider of specialized logistics for offshore oil and gas
exploration. The acquisition is a logical extension of Sical’s
existing offshore logistics business which operates and manages
17 offshore supply vessels for India’s leading energy exploration
company, ONGC Ltd.
Under the terms of the share purchase agreement between Sical Logistics
and Bergen Offshore, Sical will pay an all inclusive consideration
of USD 96.9 mln towards acquiring 100 % equity in Bergen as well
as 3 anchor handling tugs and 1 platform supply vessel.
The acquisition is being funded via USD 16.9 million from the company’s
recent FCCB offering and the remaining via a structured loan of
USD 80 million from NIBC Bank, Singapore.
Sical’s Vice chairman Ashwin Muthiah said that Sical’s latest acquisition
signals Sical’s commitment on offshore logistics
as a key focus.
“Globally, in the face of the continuing high demand for
energy, the offshore energy exploration space has become very active,
and this has created large demand for new generation, deepwater
capable support vessels. We see a favorable demand-supply mismatch
for the next few years. Customer acquisition will not be an issue
as we have demonstrated our expertise in offshore logistics by successfully
working with ONGC for a few years now,” Mr Muthiah said.
“With Bergen’s acquisition, Sical has taken its first
firm step towards achieving global presence in offshore logistics,”
he added.
About Sical Logistics
Sical Logistics Ltd is India’s leading provider of integrated
multi-modal logistics for bulk and containerized cargo-port logistics;
inland transportation and warehousing; container stations; and offshore
supplies logistics. Sical's delivery network includes an exclusive
walk-in berth at Chennai for ships carrying bulk cargo; a container
terminal at Tuticorin, 1.9 million square feet of storage across
104 warehouses; owned and regularly contracted fleet of over 2400
transport vehicles, and container freight stations at 4 locations
across India. Sical's FY2005-06 revenue was Rs 9.60 billion on Rs
301.9 equity capital.
News media contact
Anuradha Altekar,Ubiquus
anuradha@ubiquus.biz
+91.9870100642
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