Kim Heng stands to recoup US$9.6m vessel purchase in one year

Singapore

KIM Heng Offshore & Marine Holdings' executive chairman expects the US$9.6 million investment made in three vessels the listed group bought over in a bank sale of the pledged assets of the distressed Swiber Holdings, to break even within a year of their acquisition.

Thomas Tan, who doubles up as chief executive at the oilfield services group in which his family holds a major stake, tells The Business Times that the group stands to recoup investments if each of the three anchor handling tug supply vessels it acquired at a bank auction were put out to work for 270 days.