Alam Maritim is paying $31.55m to buy an accommodation work barge, the Crest Station 3, from Pacific Crest, Seatrade Asia online reports.
Work has already been found for the asset, and upon delivery, Crest Station 3 is expected to serve a contract with Exxonmobil Exploration and Production Malaysia.
Alam Maritim said the acquisition is in line with the fleet expansion plan of the group's core business in providing marine support services to the offshore oil and gas facilities. The purchase is being funded with the company's own funds.
This new vessel is expected to contribute positively to the future earnings and net tangible assets of the company for the financial year ending 31 December 2012 and beyond.
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