IPO...Catcha

It plans to buy the remaining 60 per cent stake in the company after buying a 40 per cent stake in Global Offshore (M) Sdn Bhd for US$8.4 million (RM25.2 million) in May 2011.

Global Offshore, which made about RM300 million in revenue in 2010, would help PNHB achieve its plan to be a leading integrated offshore player.

PNHB intends to take over the remaining 60 per cent in Global Offshore within a year ... could be before May 2012.

It is understood that PNHB will fund the purchase via internal funds and borrowings.

PNHB's wholly-owned unit Puncak Oil and Gas Sdn Bhd signed two separate deals with Global International Vessels Ltd (GIV) to acquire 40 per cent of GIV's two subsidiaries, Global Offshore and KGL Ltd, for a combined US$23.6 million (RM70.8 million).

Global Offshore is involved in the construction and subsea services, including pipeline construction, platform installation and diving services.

The company has been awarded by Petroliam Nasional Bhd (Petronas), the integrated transportation and installation of offshore facilities contract for "Pipelay Barge Package A", for Petronas Carigali Sdn Bhd and 10 other oil companies that have production sharing contracts with Petronas.

KGL, meanwhile, started operations in August 2010 and made US$5.4 million (RM16.2 million) revenue last year. It owns the pipelay barge DLB 264. The stakes were paid for by PNHB via a combination of internal funds and borrowings.