Aztech Group announces acquisition of shipyard
Singapore Exchange Mainboard-listed Aztech Group Ltd announced that the Group has acquired th e leasehold interest of a shipyard located at 15D Pandan Road, Singapore 609266 through the acquisition of 100% of the shares of the existing company which owns the leasehold interest of the Shipyard, which is now known as AZ Marine Offshore Services Pte Ltd, the company said in its press release.
Occupying a site area of approximately 251,500 square feet and water frontage of approximately 2,475 feet long, the Shipyard consists of a part 4-storey / part 6-storey detached factory with an open yard and jetty. The acquisition is in line with the overall strategy of the Group to strengthen its core marine logistics capability, as well as expand its ship repair and maintenance capacity. Established in 2008, AZ Marine is a fast growing and dynamic offshore and marine company providing a wide range of marine services including ship management, vessel agency, ship chandling and ship brokerage services. It owns a fleet of 11 tugs, 9 barges, 2 self-propelled conveyor barges, 2 mooring boats and 1 passenger launch boat.
The acquisition of this large waterfront and yard facilities will strengthen AZ Marine’s vessel repair and maintenance works capability, allowing it to further develop its marine logistics business and expand into third-party repair, refurbishment and retrofitting works of vessels. With in-house machining workshop in the Shipyard, the company will be able to shorten the machining lead time and provide better turnaround time for vessel repairing. In the long run, this acquisition will further open up new revenue opportunities in the fabrication and high value-added services catering to the fast growing Oil & Gas industry.