Silk Holdings Goes Islamic

The rapidly growing offshore oil and gas industry in this region continues to attract strong investor interest, and new players are entering the market to take advantage of the attractive charter rates commanded by offshore vessels and equipment. Malaysia’s Silk Holdings is one such example.

Listed on the mainboard of Bursa Malaysia, Silk Holdings’s main business is to own and operate a 37 km highway in Malaysia. In 2009, the financially distressed company went through a comprehensive restructuring scheme and identified the oil and gas sector as a potential new business driver. It subsequently went on to acquire AQL Aman, the holding company that owns 70% of offshore marine support services company Jasa Merin, with the remaining 30% stake held by the Terengganu State Government. Today, the company operates a fleet of 12 offshore support vessels, providing offshore support services to leading oil majors such as Petronas and Exxon Mobil and plans to take delivery of another four vessels by the end of this year.

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