Viking's share price surged post rig business plans

Will team up with rig-building veteran Chan Kwan Bian.

According to OSK, Viking's share price surged 62.2% with high volume and closed at SGD0.133 after the company announced its plan to enter the mainstream offshore rig-building and rig-charter market.

Here's more:

It will team up with local rig-building veteran Chan Kwan Bian through a newly set-up investment holding subsidiary, Viking Asset Management to build a jack-up rig at a cost of USD180m, marking its foray into the industry.

VIking has also entered into another agreement to place out 40m new shares worth SGD3.2m including an option of the same quantity and amount exercisable within 90 days to Mr Tan Boy Tee, another homegrown veteran in the sector.