On Monday Nam Cheong agreed to invest $30.7m for a 30% stake in the Indonesian offshore vessel operator.
BBR will use the proceeds to purchase five OSVs from Nam Cheong and three from MPM worth $170m in total.
“This deal could allow MPM to deconsolidate BBR, lower its gearing to 50% from 81% and prepare its balance sheet for the jack-up rig coming in 4Q15,” said analysts at OSK DMG.
“The
