It sealed a deal to buy a 40 per cent stake in Borcos from AWH Holdings Equity Sdn Bhd, which is owned by Borcos chairman Datuk Wan Ariff Wan Hamzah and managing director Sidqi Ahmad Said. In return for Dayang's investment in the company, Borcos has guaranteed that it would make a RM65 million net profit in 2010.
Borcos made a net profit of RM48 million in its last financial year and has current order books of RM300 million.
Borcos currently owns and manages a fleet of 33 marine vessels including fast crew boats, harbour tugs, utility vessels and pilot boats, besides OSVs.
Borcos has been in the business for 28 years and is taking delivery of six new vessels and building two more. The six new vessels - two fast utility vessels and four OSVs - will be delivered in phases between now till the year-end (2009). The two OSVs which are being built are expected to be ready for delivery in 2011. They will focus on deepwater work.
The acquisition allows Dayang to participate in the growth of leading marine transportation and support service company. It also provides Dayang opportunities to expand into other viable activities within the growing oil and gas support industry.
On its fleet expansion plans, the company wants to increase the number to 15 vessels by 2015. Dayang now operates marine chartering operations with five vessels namely four workboats and one supply boat.
The company's current order book stands at RM700 million that will last it until 2012. It has so far completed jobs worth RM1.2 billion. It plans to bid four to eight contracts worth approximately RM2 billion next year (2010). These would be local projects and it did not plan to seek out overseas contracts at the moment.
16 hours ago
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