Ekuiti Nasional Bhd (Ekuinas) has completed a RM220.9 million investment in OMNI Petromaritime Sdn Bhd, a fast growing Malaysian Offshore Support Vessel (OSV) service provider.
Ekuinas, the government-linked private equity fund management company, acquired an 82.5 per cent stake in OMNI for RM150.9 million and injected an additional capital of RM70 million into the company to redeem the company's loan liabilities, as well as, finance OMNI's future expansion plans.
"We are pleased to be able to invest in OMNI, a Malaysian OSV company that has demonstrated a strong track record of revenue and earnings growth.
"This investment will also strongly position Ekuinas to tap into the expected strong growth in the industry, driven by increased domestic and international oil and gas exploration and production activity (E&P) ," Ekuinas' Chairman Raja Tan Sri Arshad Raja Tun Uda said in a statement.
He added the local OSV industry was expected to grow significantly in the near future, fuelled by the recently announced robust capital expenditure plans for the domestic E&P activity amounting to RM300 billion from 2011 to 2015.
Meanwhile, Ekuinas Chief Executive Officer Datuk Abdul Rahman Ahmad said the investment in OMNI further expanded Ekuinas' portfolio within the OSV industry after its recent investment in Tanjung Kapal Services Sdn Bhd (TKS).
"This will provide Ekuinas with the platform to create one of the largest Bumiputera OSV groups with a portfolio of 28 vessels and combined revenue of more than RM245 million," he said.
Incorporated in 2006, OMNI today ranked among the top 10 Malaysian fleet owners with a portfolio of 12 owned-and managed vessels, comprising Anchor Handling Tug (AHT) and Anchor Handling Tug and Supply (AHTS) vessels.
With a fleet that is among the largest and youngest in the country, OMNI has developed a strong track record of growth with revenue and net profit growing from RM23 million and RM8 million in 2008 to more than RM104 million and RM20 million, respectively, in 2011.
The company has also built up a significant market presence not just locally, but also in international markets such as Vietnam and the Middle East, serving an impressive line-up of clients including Petronas, Saudi Aramco, Maersk Oil Qatar and Petrovietnam. --