VAHANA OFFSHORE RM235 MILLION ACQUISITION BY EVERSENDAI TO BRING ADDITIONAL REVENUE STREAM

Tan Sri Dato’ Nathan, founder of Eversendai Corporation, an integrated structural steel global turnkey contractor with more than RM1 billion in revenue, wanted his only son, Narish (39), to be an engineer because he wasn't one. But Narish went on to do a Business Information Technology (Hons) degree at Coventry University, UK. He asked his father if not being an engineer had stopped him in his tracks in building some of the world's renowned structures like the Burj Al Arab, Burj Khalifa, Doha International Airport and Capital Gate Tower, and locally to mention a few - the KLIA, KLCC Suria, Petronas Twin Towers (Tower 2) and Merdeka PNB 118. 

Tan Sri Nathan's big break in life was in 1983 when he was appointed a contractor by Nippon Steel Corp for the Malaysian National Car Plant project. He would never forget Tameshi Yamaki who trusted him to deliver. Everyone needs just one big break in life in order to make it and this was that big break that came for Tan Sri Nathan. It was what made Eversendai what it is today. Besides the father and son duo, Eversendai is undergirded by a varied and big team of experienced and professional engineers and technical personnel.

Narish saw little of his father when growing up because Eversendai's projects were principally overseas. The group has a workforce of about 8,000 in 8 countries and operates 11 offices. To be near him, Narish wanted to work with his father. Being a greenhorn, his father decided to pack him off to a factory in Dubai to learn the ropes from the ground up. More than 12 years from Dubai to Qatar to India and back to Dubai where Narish headed the O&G division, turned the young man into an almost veteran in the industry.

In November 2021, the Board appointed Narish to the post of Deputy Managing Director. Tan Sri Nathan is the Executive Chairman and Group MD of Eversendai. 

Acquisition of Vahana Offshore

Eversendai signed up for the acquisition of Vahana Offshore and its subsidiaries for RM235 million on 30 June 2020. Vahana is principally involved in the ownership, operations, chartering and management of Self-Propelled Jack-Up Barges/liftboats, and is the first Malaysian company to own and operate a Self-Propelled Jack-Up Barge also known as Liftboat which is used for maintenance, workover, well-service activities, hook-up, commissioning and decommissioning of offshore platforms in the oil and gas industry. The liftboats could also be used for installation and maintenance of the offshore wind renewable energy sector.

Vahana owns 2 liftboats, namely Vahana Aryan and Vahana Arjun and both are large liftboats equipped with the latest specifications and technology. It has secured a long-term time charter contract for Vahana Aryan with Zamil Offshore for Saudi Aramco and has also secured a similar contract with Zamil Offshore for Vahana Arjun. Post acquisition Vahana was renamed Eversendai Offshore RMC FZE.

The pandemic had adversely affected the operations of Eversendai globally but in the face of adversity there is hope that recovery is on the way. For FYE 31 December 2021, the Group's total revenue was RM1.22 billion but a net loss of RM146.1 million was reported due to under utilisation of fabrication facilities and delayed work on projects to prevent the spread of covid. 

ACKNOWLEDGEMENTS

1. Eversendai Corporation Berhad. 2021 Annual Report. http://www.eversendai.com/web/wp-content/uploads/2022/04/ar2021.pdf
2. The Edge Financial Daily. 11 Feb 2020. Emir Zainul & Syafiqah Salim.  https://www.theedgemarkets.com/article/ak-nathan-give-eversendai-shot-arm
3. The Borneo Post. 2 August 2012. Chai Li Tiing. https://www.theborneopost.com/2012/08/02/eversendai-to-intensify-local-presence-in-the-steel-sector/
4. Top10 of Asia. 9 October 2015. Tan Sri A K Nathan. https://www.top10asia.org/cover-stories/an-awesome-steely-determination/
5. Options. 14 October 2018. The Edge. https://www.optionstheedge.com/topic/machines/mercedes-benz-special-s-success-x-tan-sri-datuk-ak-nathan
6. Tatler. 15 June  2016. Daween Maan. https://www.tatlerasia.com/the-scene/people-parties/family-business-tan-sri-ak-nathan-and-narish-nathan
7. Eversendai Corporation Berhad. Announcement. Vahana Offshore to merge with Eversendai. https://www.eversendai.com/web/vahana-offshore-to-merge-with-eversendai/#:~:text=Eversendai%20Corporation%20Berhad%2C%20Kuala%20Lumpur,satisfied%20via%20the%20issuance%20of
8. New Straits Times. https://www.nst.com.my/news/2015/09/nathan-focus-weaknesses-get-stronger