Kreuz acquires $28m diving support vessel

Kreuz Holdings, a subsidiary of Swiber Holdings, has acquired a dynamically positioned construction class diving support vessel for US$22 million ($27.7 million), to be delivered in April.

The Det Norske Veritas classified vessel has a deck space of 1,700 sqm and a helideck facility, and will be used for flexible installation and subsea construction and installation activities.

The acquisition will be funded through loans and proceeds from capital market fund raising exercises. Kreuz had previously announced on March 28, the placement of 50 million new shares and 20 million vendor shares to raise net proceeds of about $16.6 million.