OILFIELD services provider Baker Technology now owns 54.98 per cent of CH Offshore, after its offer for the vessel chartering firm closed on Friday.

The offer was triggered in July, after Baker Technology acquired a 52.72 per cent stake in CH Offshore, crossing the 30 per cent threshold to trigger a mandatory general offer for all the shares it did not already own for S$0.13 per share. 

Baker Technology had not expected to receive enough valid acceptances to meet the threshold for a compulsory acquisition.