Sarawak-based ship builder, owner and operator, Sealink International Berhad and one of the few integrated service providers in the Malaysian offshore oil and gas industry, yesterday made its debut on the Main Board of Bursa Malaysia Securities Berhad.
The company floated 128.37 million Sealink shares at RM1.25 per share through an Offer for Sale and a Public Issue exercise.
The company’s Public Issue will raise gross proceeds of approximately RM141.71 million which will be utilized, amongst others for the expansion of shipyards and fleets.
The company will be expanding its current fleet of 29 vessels to 40 vessels in the next three years and project to invest in access of RM300 million over the next three years for this expansion.
The company is also expecting to invest RM50 to 100 million over the next three years to upgrade the capabilities of its shipyards to increase production capacity from 15 vessels per year currently to 20 vessels per year.
Sealink has two shipyards located in Miri to cater to its shipbuilding activities. For the financial year ended 31st December 2007, shipbuilding contributed approximately 73% of revenue or RM118 million and 57% of gross profit or RM34 million.
The company’s chartering of vessels continues to be its focus in drawing long term income stream and currently contributes about 27% or RM44 million to Group revenue.
Sealink’s current fleet of 29 vessels consists of landing craft, multi-purpose vessels, tugboats, barge, supply vessel, utility vessel and passenger vessel.
To-date Sealink’s customers include both local and international companies from the United State of America, Australia, China, India, Latin America, Europe, East Africa, Southeast Asia and the Middle East. Sealink’s export market contributed 80% or RM131 million to last financial year’s revenue.
For financial year ended 31st December 2007, the Company recorded revenue of RM162.7 million and RM58.9 million of gross profit. The cumulative annual growth rate (CAGR) of Sealink's revenue for the past 4 years is 96% while the CAGR of its profit after tax is 60%.
Celebrating the historic occasion of the company were several key board members.
Caption:From Left to Right: Datuk Michael Hardin, Executive Chairman; Wong Chie Bin, Executive Director; Eric Khoo Chuan Syn, Executive Director; Sam Yong, CEO & Deputy Managing Director; Yong Foh Choi, Managing Director.
