CH Offshore Customer Debts Weighed Heavily in FY 2013
In its financial year ended 30 June 2013 report Singapore's CH Offshore had to make a full allowance for doubtful trade receivables of US$43.95 million as the debts had been long overdue and payment from the client was not forthcoming. "The financial year ended 30 June 2013 (“FY13”) marked the 10th year since CH Offshore Ltd (the “Company”) became a public limited company on 28 February 2003. Over the last 10 years, the CH Offshore Group (the “Group”) like all other organisations had to ride through global financial woes and economic downturns.
CH Offshore Charter Out Two AHTS
Singapore's CH Offshore Ltd has chartered out two AHTS vessels on long term bareboat charters to an unamed company. The charter concerns the “Amethyst”, a 2007-built 12,240 brake horsepower anchor-handling tug supply vessel and the “Turquoise”, a 2007-built 12,240 brake horsepower anchor-handling tug supply vessel, for a period of three years each, with an option to purchase at the expiration of the charter. CH offshore The company is an offshore service provider offering a wide range of services to the offshore oil and gas industry.To cater for the exploration and production of oil and gas in both shallow and deep waters, CHO has a fleet of Anchor-handling Tug/Supply (AHTS) vessels with Bollard Pull ranging from 50 Tonnes to 150 Tonnes.
Keppel Singmarine to Build two AHTS Vessels and Two Tugs
Keppel Singmarine (KSM), the specialized shipbuilding division of Keppel Offshore & Marine, will build two Anchor Handling Tug/ Supply (AHTS) vessels for CH Offshore Ltd, and two harbour tugs for Maju Maritime Pte Ltd. The total value of the four vessels is approximately S$42.5 million. The two AHTS vessels totaling S$33 million are expected to be delivered in August and October 2004 respectively, when they will be deployed to Asia and the Middle East for operations. Goh Boon Kiat, Executive Director of KSM said, “In terms of cargo carrying capacity and bollard pull, the vessels will be of an optimal design. "This particular design is extremely popular because of its versatility. The two AHTS vessels will have bollard pull in excess of 60 ton.
