Singapore’s Swissco Holdings has entered into a memorandum of understanding (MOU) to acquire UAE-based VM Marine, which owns and operates a fleet of 15 offshore vessels.

Following the signing of the legally non-binding MOU, Swissco will also conduct due diligence related to the proposed acquisition.

VM Marine owns and operates a fleet of young and diversified offshore vessels, comprising predominantly of AHTS vessels, according to the company’s website.

VM Marine is currently going through an internal restructuring of consolidating its subsidiary business back to the group, which will all be acquired by Swissco.

Financial details of the deal were not disclosed.