PETALING JAYA: Carimin Petroleum Bhd
has proposed to privatise Sealink International Bhd in a deal valued at about RM165mil, as the offshore services provider seeks to expand its marine capabilities and strengthen its position in Malaysia’s oil and gas sector.
In a filing with Bursa Malaysia yesterday, Carimin said it had submitted a formal proposal to Sealink’s board to acquire all shares it does not already own via a members’ scheme of arrangement under Section 366 of the Companies Act 2016.
Carimin currently owns 97.5 million Sealink shares, representing a 19.5% stake.
Under the proposal, the company will pay 41 sen per share in cash for the remaining shares, valuing the privatisation at approximately RM165mil.
Subject to approvals, the exercise would result in Sealink being delisted from the Main Market of Bursa Malaysia and becoming a wholly-owned subsidiary of Carimin.
Carimin said the proposed privatisation forms part of its “ongoing investment strategy to identify opportunities that enhance the operational capabilities, financial performance and overall financial position” of the group.
The company said the enlarged group would combine Carimin’s construction, hook-up and commissioning, topside maintenance, manpower and marine services operations with Sealink’s marine chartering, shipbuilding, and vessel ownership businesses.
Carimin added that the consolidation of a larger and more diverse fleet would “broaden the group’s marine infrastructure capabilities and meaningfully expand its vessel chartering business”.
The company also sees strategic value in Sealink’s Kuala Baram shipyard, saying the facility could be deployed for a broader range of third-party fabrication, vessel repair and project execution work, while supporting in-house mobilisation requirements and future tender participation.
The offer price of 41 sen per share represents premiums of between 12.33% and 90.96% over Sealink’s historical traded prices and volume weighted average prices, respectively, prior to Carimin’s initial acquisition of its 19.5% stake earlier this year. It also represents a 26.15% premium to Sealink’s last traded price of 32.5 sen as at May 11, 2026.
Carimin said the proposed privatisation presents an opportunity for Sealink shareholders to exit their investment at the offer price. The company intends to finance the acquisition through a combination of internally generated funds and borrowings.
Malacca Securities, the principal adviser for the exercise, confirmed that Carimin has sufficient financial resources to undertake the proposed privatisation.
For the financial year ended Dec 31, 2025, Sealink posted RM189.6mil in revenue, up 51.4% from RM125.3mil a year ago, driven by higher overall activity levels as offshore activities gained momentum.
However, the group slipped into a net loss of RM859,000 due to higher operating costs, vessel activation expenses and a fire incident involving one of its vessels.
Carimin acknowledged that the proposed privatisation would increase its exposure to the offshore support vessel segment, noting that Sealink’s operations are “substantially larger in scale”.
Still, the board said it remains optimistic about the enlarged group’s prospects, citing expected operational and procurement synergies, stronger fleet utilisation and the ability to compete for more extensive, broader, multi-segment contract awards.
The proposed privatisation is subject to shareholder, regulatory and court approvals. Sealink’s board has until May 26, 2026, to decide whether to put the proposal to shareholders. Completion is targeted for the fourth quarter of calendar year 2026.
