KUALA LUMPUR: Perdana Petroleum Bhd has signed a memorandum of agreement with Labuan-based Nam Cheong International Ltd to buy
two units of 100 metre accommodation and work vessel worth US$59 million.

The group expects the acquisition to be completed in the second quarter of next year, upon delivery of the vessels, it said.

"The total purchase consideration will be funded by internally-generated funds and bank borrowings.

"Twenty per cent of the total purchase consideration will be paid as deposit by Nov 15, 2012, while the balance US$47.2 million shall be paid upon delivery of the vessels," it said in a filing to Bursa Malaysia.

Perdana Petroleum said the acquisition was in line with its fleet renewal and expansion plan to provide marine support services to the offshore oil and gas facilities. - BERNAMA