The company's Executive Chairman, Datuk Mohd Azlan bin Hashim, said the funding reflected the significant potential the company's oil and gas division had.
It will be utilised to finance the construction of two Anchor Handling Tug Supply (AHTS) vessels, which will be equipped with the latest specifications, he said in a statement here Tuesday.
The vessels are expected to be ready and operational by end 2012.
JM Global 3 (Labuan) Plc and JM Global 4 (Labuan) Plc signed the funding agreement with Bank Pembangunan. The two companies are the ship operating companies jointly-owned by Jasa Merin, a member of Silk Holdings and GMV-Jasa Sdn Bhd, a wholly owned subsidiary of Global Maritime Venture Bhd, a venture capital company that is part of Bank Pembangunan Group.
Mohd Azlan said the loan will enable Jasa Merin to upgrade its fleet of operating vessels, and will reinforce Jasa Merin's position as a competitive service provider in the oil and gas sector.
Jasa Merin has been providing offshore support vessels services to leading oil majors such as Petronas and Exxon Mobil, and they currently operate a fleet of 12 vessels.
The company expects to take delivery of another four vessels by the end of this year.
-- BERNAMA
Source : http://www.bernama.com.my/