Jaya Holdings Ltd News

Reutrs - Australian marine logistics firm Mermaid Marine Australia Ltd. said on Tuesday it had agreed to buy the offshore businesses of Singapore's Jaya Holdings Ltd. for $495.96 million in cash to expand its international portfolio. Mermaid Marine, a Perth-based company which provides vessel and supply base services to offshore oil and gas explorers, will expand its scale in the Southeast Asian and Middle Eastern markets through the acquisition, the company said in a statement. The acquired businesses include 27 vessels currently operating in South East Asia, the Middle East and East and West Africa, two shipyards in Indonesia and Singapore, and a new build pipeline of six vessels for delivery by 2015.

Offshore energy services provider Jaya Holdings Ltd. announced the long term charter of its first high-specification Multi-Purpose Maintenance and Accommodation Vessel (MPMAV) Jaya Privilege. This vessel is one in a range of sophisticated service vessels that Jaya is designing and building for its target markets, the company said. Jaya Privilege is expected to be delivered in June 2015 and construction is now underway. Jaya Privilege has more than 800 square meters of clear deck space, fire fighting capability and dynamic positioning to DP-2 class. The vessel has accommodation for up to 239 people on board, including workout equipment and an internet café and an electrohydraulic lattice boom crane with a lifting capacity of 50MT with man riding capability.

Offshore energy services provider Jaya Holdings Ltd. reached an agreement to sell a second new state-of-the-art anchor handling tug supply vessel Jaya Sovereign to Canadian buyers, Atlantic Towing Ltd. The vessel’s delivery is expected by the end of 2013. The Jaya Sovereign is a sister ship of the Jaya Supreme which was delivered to Atlantic Towing in November of last year. Both vessels are among the most sophisticated anchor handlers ever built at a Singapore shipyard. In announcing the sale…

Offshore energy services provider Jaya Holdings Ltd. announced that the Group has signed contracts for three of its four newbuild platform supply vessels (PSVs) ahead of their delivery dates from the shipyard. The total value of these three contracts is more than $60 million, including optional extension periods. Jaya’s first high specification PSV Jaya Valour will deliver at the end of July and has been fixed into a time charter contract for up to three years in South East Asia with an existing customer undertaking fracturing work. Jaya Valour has more than 1,000 square meters of clear deck space, fire fighting capability and dynamic positioning to DP-2 class. The vessel has accommodation for up to 60 people on board including workout equipment and an internet café.

Jaya Holdings Ltd. reported consolidated revenue of $24.8 million and net profit of $4.0 million for the financial quarter ending March 31, 2013. The group’s total revenue for the quarter under review was $24.8 million, 53% higher than the previous corresponding quarter. The group’s increased revenue was mainly contributed by the Offshore Support Services (OSS) Division which revenue was at $24.4 million, 50% higher than the previous corresponding quarter. The period between December 2012 and February 2013 was a challenging one for offshore oilfield services providers. Jaya’s utilization, like that of many peers, came down due to various reasons, including seasonal factors, the delayed awards of contracts and changes in cabotage rules in Indonesia.

Jaya Holdings Ltd is pleased to announce the appointment of Mr Chong Chow Pin as Chief Financial Officer Designate. Mr Chong will report directly to the Chief Executive Officer and be responsible for financial, treasury and all corporate services. He succeeds Ms Thai Kum Foon, who will step down on 31 December 2012 from the position to pursue personal interests. Mr Sheshashayee Venkatraman, Chief Executive Officer of Jaya Holdings, said today: “We would like to thank Kum Foon for her great contributions to Jaya Holdings, in particular her dedication and effort in the past two years, a period of significant change for the Group. She leaves us in a much stronger financial position than we have been for some time.

Max Hartvigsen has been appointed by Jaya Holdings Ltd. as the organization’s new President of the Offshore Division, effective immediately. Max will report directly to the Chief Executive Officer and will be responsible for business development, profit and loss for the fleet of owned and chartered vessels, and operational excellence of the fleet, including technical management, operational requirements and client management. Hartvigsen holds a Masters of Science in Shipping, Trade and Finance from the City University London, a Master Maritime Course from Vestfold University College, Norway, and a Bachelors of Science of Nautical Studies (Captain’s Degree).