VALLIANZ Holdings Limited, a provider of offshore support vessels, is planning to buy a 49 per cent stake in PT Swiber Berjaya (PTSB) for US$17.5 million in a bid to gain entry into Indonesia's offshore support vessel (OSV) market.

It will be acquiring the 49 per cent stake from Swiber Holdings. The remaining 51 per cent stake will continue to be held by PTSB's Indonesian shareholder. On completion of the acquisition, Swiber will continue to benefit from PTSB through its direct shareholding of 23.36 per cent in Vallianz.

PTSB owns and charters OSVs to support the oil and gas exploration and production activities of oil majors and national oil companies in the Indonesian waters. It operates a young and diversified fleet of 18 OSVs and has plans to add another four vessels to its fleet. For the financial year ended Dec 31, 2013, PTSB recorded a net profit of US$3.4 million.

The acquisition is to be satisfied by a combination of perpetual securities and new Vallianz shares at 11 Singapore cents each.

Vallianz last traded at 9.9 cents a share on Friday.