Extracted from Annual Report 2011
Our Company was incorporated on 31 March 1976 as Mico Line Pte Ltd and in April 1976 became a wholly owned subsidiary of Chuan Hup Marine Pte Ltd. The present name was adopted in September 1990.
Under the Chuan Hup Group, our involvement in the oil and gas industry began in the early 1970s in Indonesia, the largest oil producer in South East Asia then. In the early 1970s, oil exploration and production activities started onshore with major customers being Caltex Indonesia in Sumatra, Tesoro in Tarakan and Unocal in Balikpapan. As oil production moved progressively offshore, our involvement increased to meet the demand and requirements of the oil producers. The consequential rise in demand for offshore support services led to an expansion to our offshore fleet. From 1981 to 1983, we acquired a total of 24 units of anchor-handling tug supply (AHTS) and maintenance vessels, and one tender assisted work-over rig.
Since then, in line with the development of the offshore oil and gas industry, our Group has continued to maintain a fleet of offshore support vessels which remain relevant to our customers' needs.
In the first half of 2002, Chuan Hup reorganised its business into offshore support services to the oil and gas industry, marine logistics services and transportation for the coal and other aggregate industries and other non-marine investments. CH Offshore became the corporate vehicle to 'house' assets and companies of the Chuan Hup Group that provide offshore support services to the oil and gas industry.
The Company became a public limited company, changed its name to CH Offshore Ltd ("CHO") and was listed on the Singapore Stock Exchange by introduction on 28 February 2003. In October 2005, Habib Corporation Berhad (Habib), a public listed company on the Bursa Malaysia, acquired a 29.07% stake in CHO from Chuan Hup Holdings Limited. Habib subsequently changed its name to Scomi Marine Berhad, reflecting the change of ownership in the company.
On 28 April 2010, Scomi Marine Berhad sold its entire 29.07% stake in CHO, held through its subsidiary, Scomi Marine Services Pte Ltd, to Energian Pte Ltd, a wholly-owned subsidiary of Falcon Energy Group.
As at the end of financial year ended 30 June 2009, the CHO Group had disposed of all its 1980s-built vessels. During the financial year ended 30 June 2011, due to the "Azaz Cabotage" regulation, the vessels operating in Indonesia were required to be Indonesian-flagged. In line with its corporate strategy to maintain its presence in Indonesia, CHO sold 3 vessels during the financial year ended 30 June 2011 to PT Bahtera Nusantara Indonesia ("PT NUS"), in which it has a 49% stake. Currently, CHO operates a fleet of 15, 10 of which are wholly-owned AHTS vessels with an average age of 4 years old as of June 2011. The sale of three AHTS to PTNUS allows it to co-own and continue its chartering activities in Indonesia. It also co-owns two AHTS with Scomi Marine Berhad, enabling the Group to operate in Malaysia. The fleet includes seven 12,240 brake horse power (bhp) AHTS vessels.
Building on our strength and expertise, the Group has operations in a multitude of areas. Since 1980, we have served most oil majors and other customers in Indonesia, Malaysia, the Philippines, Brunei, Thailand, Vietnam, Australia, the Middle East and Latin America. With over 30 years of experience in almost every facet of offshore support services, we have forged excellent relationships with our customers through our firm commitment to quality, reliability and high service standards.