Samco Cashes Out

Samco Cashes Out
Samco Sundarbans

DHT Holdings, Inc. has entered into an agreement to acquire all the outstanding shares of Samco Shipholding Pte. Ltd., a private Singapore-based company which owns and operates a fleet of seven very large crude oil tankers (VLCCs) with an average age of approximately 4.5 years. DHT will acquire all the shares of Samco for a purchase price of USD 317 million in cash payable at the closing of the acquisition.

Five of the vessels are currently on time charters to oil majors. Included in the transaction is Samco’s 50% ownership in Goodwood Ship Management Pte. Ltd., a private ship management company which currently manages all of DHT’s vessels.

Following the acquisition, DHT will have a fleet of 20 VLCCs (including six VLCCs under construction at Hyundai Heavy Industries), two Suezmaxes and two Aframaxes.

Senior management stated: “This is a big step for DHT. The Samco fleet consists of modern high quality vessels all being fitted with fuel saving devices. The time charter contracts are with first rate counterparties and are at premium levels to the current time charter market. With the 50% shareholding in Goodwood bringing technical management into DHT, we are now a fully integrated ship owning company with all functions in-house.”

As of August 31, 2014, Samco had approximately USD 319.6 million of outstanding indebtedness under its credit agreements. DHT has obtained a committed and underwritten offer from affiliates of Nordea Bank AB and DNB ASA to refinance Samco’s debt.

Press Release, September 10, 2014

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