SGX Catalist-listed SBI Offshore Limited announced the appointment of Mirzan Bin Mahathir to its board of directors with effect from October 29, 2014.
Mirzan has been appointed non-independent, non-executive director following the partial completion of a placement of SBI Offshore’s shares to him and two other investors on October 27, 2014, which raised approximately S$9.1 million to-date.
The proceeds from the placement will be used for working capital, existing and new projects and possible acquisitions by SBI Offshore. The company had announced on August 27, 2014 that it has commenced negotiations to build up to five jack-up rigs for operation in water depths of up to 110 meters for a Middle East-Chinese consortium.
SBI Offshore is an integrated oil and gas engineering solutions provider with capabilities to market, install, commission and provide after-sales services for O&G drilling equipment and systems.
Mirzan, an experienced investor with interests in the O&G sector, holds 27 million new shares in SBI Offshore via CE Ventures Offshore Ltd. His 12.1%-stake in SBI Offshore’s enlarged share capital base of 222.68 million shares makes him one of the Group’s largest shareholders.
Following Mirzan’s appointment, the board of SBI Offshore will now comprise: