GTT acquires Singapore-based marine tech firm Ascenz

Photo: Bloomberg

Shipping firm GTT has acquired 75 per cent of the share capital of Singapore-based Ascenz from founders Chia Yoong Hui and Sia Teck Chong and from several investment funds. Financial terms of the deal were not disclosed.

Completion of the transaction, which is funded in cash, is subject to the satisfaction of conditions precedent and should occur in the near future. The two co-founders of Ascenz will retain 25 per cent of the share capital and continue to manage the company.

Founded in 2008, Ascenz is a provider of vessel performance solutions for shipowners and operators aimed at enhancing management and operational decisionmaking for their fleets. Headquartered in Singapore, it operates from six offices in Asia and two offices in Europe.

The firm had raised seed funding in 2012 from venture capital firm Red Dot Ventures, and secured a Series A round from Green Marine Capital in 2014.

GTT (Gaztransport & Technigaz) is an engineering company that designs and provides technologies which combine operational efficiency and safety, to equip LNG carriers, floating terminals, and multi-gas carriers. It is listed on Euronext Paris and is notably included in SBF 120 and MSCI Small Cap indices.

This transaction reinforces GTT’s service portfolio in the area of LNG shipping, the company said in a statement.

Philippe Berterottière, Chairman and CEO of GTT, said, “This is a particularly important new phase for us. The two companies’ complementarity will contribute to accelerating the Group’s development in services. With the rise of LNG as fuel, a market in which GTT intends to grow, the energy efficiency systems designed by Ascenz will enable us to provide ship-owners with even more compelling solutions.”

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.