December 02, 2008

Sicals‘s Norsea buys dredger from Shanghai Duo

Sical Logistics Limited announced that it’s wholly owned subsidiary Norsea Offshore Private Limited has purchased a dredger for USD 25 million from Shanghai Duo Jun Dredging Co Limited, which will continue to be deployed in China.

The new dredger can dredge up to 25 meters and has a production capacity of 3,000 cubic meters per hour. It comes with a 24 meter 750 KW anchor handling tender boat.

Sical Logistics said that the acquisition was funded out of the proceeds of a foreign currency convertible bonds issue that it made in 2006. It expects that Norsea Offshore Private Limited will earn revenues of close to USD 10 million annually from the dredger.