News

SEALINK is pleased to announce the award of charter of one unit of safety standby vessel and sale of two vessels. The charter is to an independent oil and gas Company and sale of vessels are to a local Company and an existing overseas client respectively.

The charter is for three years, commencing in 2Q 2017. It is expected to contribute positively to the earnings and net tangible assets of Sealink for the financial year ending 31 December 2017 and beyond.

The total proceeds for the three contracts are approximately RM52 million.

BASIS OF ARRIVING AT THE SALE CONSIDERATIONS

The prices were arrived at on a “willing buyer willing seller” basis. 

LIABILITIES TO BE ASSUMED

The Purchasers are not expected to assume any liabilities apart from the purchase price.

UTILISATION OF PROCEEDS

The net proceeds after deducting the estimated expenses and other ancillary expenses relating to the MOA will be used for working capital purposes. 

RATIONALE FOR THE DISPOSAL

The above disposal are part of SEALINK Group’s strategy to continually modernize and upgrade the SEALINK’s fleet of vessels. SEALINK Group constantly sells older vessels and replace them with newer vessels in line with the changing requirements of the oil and gas industry.

PERCENTAGE RATIO APPLICABLE

The highest percentage ratio resulting from the disposal of vessel 2 pursuant to the Main Market Listing Requirements under Market Capitalization is above 5% but below 25%.

FINANCIAL EFFECTS

The sales are expected to contribute positively to the earnings and cash flow of SEALINK Group for the financial year ending 31 December 2017. Notwithstanding this, the above are not expected to have any material effect on the share capital and shareholding structure of the Company.

APPROVALS REQUIRED

The disposal of the vessels is not subject to the shareholders’ approval or any other relevant government authorities.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the contract.

DIRECTORS' STATEMENT

The Board of Directors of SEALINK, having considered all factors is of the opinion that the disposal of the vessels is in the best interest of the Company.

DOCUMENTS AVAILABLE FOR INSPECTION

A copy each of the MOAs are available for inspection at the office of Sealink International Berhad at Lot 1035, Block 4, MCLD, Piasau Industrial Area, 98000 Miri, Sarawak for a period of three (3) months from the date of this announcement during normal office hours from Monday to Friday (except on public holidays).

This announcement is dated 11 July 2017.

ABOUT THE COMPANY

SEALINK Group is a Ship Owner / Charterer, Shipbuilder and Ship Repairer. Sealink Group builds, owns and operates a diverse fleet of marine support vessels, including serving the marine industry globally.

We have a young fleet of marine support vessels predominantly focused on and used in the marine industry. With a diverse fleet of 34 vessels, we cater to a wide base of reputable clients in the various segments of the industry.

Presently, SEALINK owns two shipyards located in Miri, Sarawak.