KUALA LUMPUR, 25TH JUNE 2013 – Asian Geos Sdn Bhd (“AG”) is pleased to announce that it has now acquired a 100% interest in its subsidiary company Ageo Marine Sdn Bhd (” AGEO”). AGEO is the company that was set up in 2007 to own the soil boring vessel, the Geos. Previously OGEO was 70% owned by AG and the remaining 30% of equity in the company was held by Orogenic Geoexpro Sdn Bhd (“Ogeo”).
At a simple signing ceremony at the Prince Hotel here Managing Director, Dato’ Helmi Zulkawi said, “Today we are witnessing another milestone in the progress of our business with the successful execution of the sale of share agreement with Ogeo. This will mean AG is now having a full control over the Geos, the Malaysian-flagged dedicated geotechnical drilling vessel which was delivered new in 2009.”
The Geos has extensive track-records in geotechnical drilling for various regional oil and gas clients particularly Petronas Carigali for whom it has drilled to a record depth of 550m below seabed in offshore Sarawak. The MV Geos is a dedicated offshore soil boring vessel fully equipped with a moon-pool, a motion-compensated drilling system, wireline CPT and an on-board soil testing laboratory