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FINANCIAL NEWS
Saudi Aramco’s Vela to merge with Bahri in USD1.3b deal
21 Oct 2012
(MENAFN) Saudi National Shipping Company (Bahri) has agreed to merge with Vela International Marine, a former unit of Saudi Aramco, the world’s top oil producer, Reuters reported.
Earlier this year, Saudi Aramco agreed to sell Vela to Bahri for USD1.3 billion in cash and shares, which would make Bahri the world’s fourth largest owner of very large crude carriers (VLCCs).
Under the agreement, Bahri will become the exclusive provider of VLCC crude oil shipping services to Saudi Aramco for crude oil sold by Saudi Aramco on a delivered basis. The contract is initially for 10 years, the statement said.
Bahri will pay USD832.75 million in cash and USD78.75 million in new Bahri shares at a price of USD5.93.
Vela has a fleet consisting of 14 VLCCs, a floating storage VLCC, one Aframax tanker, and four product tankers.
The merger of ships, staff and business systems would bring Bahri’s fleet to 77 vessels, including 32 VLCCs.
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