Private equity group CHAMP Marlin Holdings and its partners have made a $150 million offer to buy out the remaining stake in offshore oil and gas charter vessel company Miclyn Express.
CHAMP and private equity group SEA6 Limited made a $2.20 per share offer for the remaining 25 per cent stake in the Singapore-based company.
CHAMP and its joint venture partners already own 75 per cent of the company.
Shares in Miclyn Express rose 18 cents, or 9.23 per cent, to $2.13 at 10.30am.
Miclyn Express said the acquisition would be conducted as an amalgamation under Bermuda law.
The board of Miclyn Express said the proposal remained conditional and Miclyn shareholders were not required to take any action at this time.
"The company anticipates providing a further update in approximately six weeks time, following completion of the offerors' due diligence and receipt of the independent financial adviser's findings," Miclyn said in a statement.
Miclyn Express provides service vessels to the offshore oil and gas industry across South-East Asia, Australia and the Middle East.
The group charters crew and utility vessels, tugs, barges and coastal survey vessels for oil and gas exploration as well as development and production, project transportation and civil construction.Miclyn owns Samson Maritime which has a presence in Fremantle and Point Samson in the Pilbara.