Pros and cons in Eversendai’s Vahana buy

Vahana has two liftboat vessels, one of which is operating and chartered in Saudi Arabia waters, for five years ending June 2025. The second vessel is being built and has already secured a five-year charter that is expected to commence in July 2021 until July 2026.

STEEL structure and civil construction firm Eversendai Corp Bhd finally inked the sale agreement this week for the significant related party transaction it had first announced in February.

The deal entails Eversendai purchasing Vahana Offshore (M) Sdn Bhd via the issuance of new redeemable convertible preference shares (RCPS) at a price of RM235mil.