Malaysia: OCL, National Marine Dredging Company Enter MoU

Offshore Constructor (Labuan) Ltd (OCL), a wholly-owned of Tekala Corp Bhd, has entered into a Memorandum of Agreement with National Marine Dredging Company for the disposal of a 300-men accommodation workbarge known as “Offshore Safeena” for a total of US$29.3 million (about RM90 million).

Vessel “Offshore Safeena” is a 300-men accommodation workbarge. It was built in year 2008 by Oriental Precision & Engineering Ltd, Korea and registered in Port Klang, Malaysia.

Upon completion of the proposed disposal, Tekala and its group of companies will be able to refocus on timber business, which is its core business.

In addition, the vessel’s chartering activities have yet to generate sufficient cashflows to service its quarterly loan installments and thus have put a strain on the group’s liquidity.

National Marine Dredging Company is listed on the Abu Dhabi Securities Exchange, offers dredging services and associated land reclamation works in the territorial waters of the United Arab Emirates.

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Press Release, April 5, 2013