Baker Technology

What Baker Technology does

Baker Technology Limited is a Singapore-based, SGX Mainboard-listed investment holding company (founded 1981) that designs, manufactures, and operates specialized marine offshore equipment and services for the global oil and gas industry. The group operates through three wholly-owned subsidiaries: Sea Deep Shipyard Pte. Ltd. (offshore pedestal cranes, anchor winches, skidding systems, jacking systems, raw water tower structures, and steel fabrication); Baker Engineering Pte. Ltd. (design and construction of mobile offshore units including the proprietary BEL 320-4R200S liftboat design and the Blue Titanium DP2 Liftboat with 300MT crane capacity); and BT Investment Pte. Ltd. (the M&A vehicle that acquired a 54.98% controlling stake in CH Offshore Ltd. in 2018, adding a fleet of 17 vessels including 12 wholly-owned 12,240 bhp anchor handling tug supply vessels).

The company generates revenue through three primary streams: one-time design and construction contracts for offshore equipment and components; managed services via time chartering of the Blue Titanium liftboat and CH Offshore vessels to national oil companies and rig builders; and ship management services globally. The go-to-market is direct enterprise B2B sales targeting offshore oil and gas operators, oil companies, and rig builders across Asia, China, Middle East, and USA. Customer segments are vertically segmented with three primary verticals: offshore oil and gas operators requiring platform rejuvenation and accommodation; offshore rig builders requiring jack-up drilling rig components; and offshore support vessel operators requiring AHTS chartering.

The group holds ISO 9001 certification and ISPS code compliance for shipyard operations, owns a 335,000 sq ft waterfront facility at Sea Deep Shipyard, and operates from three waterfront shipyards in Singapore. Historical revenue was S$32.7 million in FY2018 (up from S$5.0 million in FY2017) with year-end market capitalization of S$87.2 million, total assets of S$304.6 million, and shareholders' equity of S$220.8 million. The company has been controlled by the Chang family through Saberon Investment Pte Ltd since 2000, with CEO Jeanette Chang succeeding her father Dr Benety Chang in January 2019.

Name

Baker Technology

Legal name

Baker Technology Limited

Website

https://bakertech.com.sg

Company type

Public

Founded year

1981

Operating status

Operating

Short description

Baker Technology Limited is a Singapore-based SGX-listed manufacturer and operator of specialized marine offshore equipment (pedestal cranes, liftboats, jacking systems) and offshore support vessels, serving national oil companies, rig builders, and offshore operators across Asia, the Middle East, and the USA.

Ownership category

akta.pro rank

Product category

Offshore Marine Equipment Manufacturing

NAICS

Oil and Gas Field Machinery and Equipment Manufacturing (333132), Ship and Boat Building (3366), Overhead Traveling Crane, Hoist, and Monorail System Manufacturing (333923)

SIC

Oil & Gas Field Machinery & Equipment (3533), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)

akta.pro secondary industries

Offshore Wind & Renewable Support Vessel Construction (SOV, CTV, WTIV) (IMAJACAG), Cargo Handling & Lifting Equipment (Cranes, Derricks, Hoists) (IMAJAIAB)

Keywords

• Offshore marine equipment
• Offshore pedestal cranes
• Mobile offshore units
• Offshore support vessels
• Offshore oil and gas services

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Others

Revenue model

1. Equipment Design and Construction: Design and construction of a wide range of critical equipment and components for the offshore marine industry including offshore pedestal cranes, anchor winches, skidding systems, jacking systems and raw water tower structures. Also provides project management, engineering services, quality assurance and construction supervision.
2. Mobile Offshore Unit Chartering: Operation and chartering of mobile offshore units including the Blue Titanium DP2 Liftboat on time charter supporting oil and gas platform rejuvenation works
3. Offshore Supply Vessel Operations: CH Offshore Ltd operates one offshore support vessel and sixteen anchor handling tug supply (AHTS) vessels, twelve of which are wholly-owned, providing ship management, ship-owning and chartering services globally

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Baker Technology Limited is an investment holding company that designs, manufactures, and operates specialized marine offshore equipment and services for the offshore oil and gas industry. Through its wholly-owned subsidiaries Sea Deep Shipyard, Baker Engineering, and BT Investment, it produces offshore pedestal cranes, anchor winches, skidding systems, jacking systems, raw water tower structures, and mobile offshore units such as the Blue Titanium DP2 Liftboat, and also operates offshore support vessels (AHTS and OSV) via its 54.98% stake in CH Offshore Ltd.

Product overview

Baker Technology Limited is an investment holding company and provider of specialised marine offshore equipment and services focused on the offshore oil and gas industry. The company operates through three wholly-owned subsidiaries: Sea Deep Shipyard Pte. Ltd. (offshore equipment manufacturing including pedestal cranes, anchor winches, skidding systems, and steel fabrication), Baker Engineering Pte. Ltd. (design and construction of mobile offshore units including liftboats and self-elevating units), and BT Investment Pte. Ltd. (investment holding for acquisitions). Key products include the Blue Titanium DP2 Liftboat and Sea Hercules Cranes. Through its 54.98% stake in CH Offshore Ltd., the Group also operates a fleet of offshore support vessels and anchor handling tug supply vessels.

Differentiator

Problem solved

Functional benefit

Products and services

• Sea Deep Shipyard Offshore Equipment Sea Deep Shipyard manufactures offshore pedestal cranes, anchor winches, skidding systems, steel products and component fabrication, jacking system conversion/refurbishment, raw water tower structures, and jack-up drilling rig components for the offshore oil and gas industry. It operates a 335,000 sq ft waterfront facility at 6 Pioneer Sector 1, Singapore.
• Sea Hercules Cranes Sea Hercules Cranes manufactures offshore pedestal cranes including the Sea Hercules Kingpost Crane for fixed and floating platforms, offering reliability and cost-effective maintenance. Sea Hercules is a wholly-owned subsidiary of Sea Deep Shipyard.
• Baker Engineering Mobile Offshore Units Baker Engineering Pte. Ltd. focuses on design, engineering and construction of mobile offshore units including liftboats, mobile offshore production units and self-elevating units for the offshore marine industry. It also provides steel fabrication and piping works for oil and gas, marine, mining and land construction industries. ISO 9001 certified.
• Blue Titanium DP2 Liftboat State-of-the-art DP2 Liftboat designed and built by Baker Engineering and owned by BT Titanium Pte. Ltd. Provides offshore worker accommodation, walk-to-work gangway access, and on-board pedestal crane with up to 300MT lifting capacity for oil and gas platform rejuvenation.
• CH Offshore Vessel Chartering and Ship Management CH Offshore Ltd. operates one offshore support vessel (OSV) and sixteen anchor handling tug supply (AHTS) vessels, twelve of which are wholly-owned, providing ship management, ship-owning and chartering services globally. Seven newer AHTS vessels are 12,240 bhp and equipped for heavy offshore work in deeper waters.

Quantifiable outcome

• 82% of FY2018 revenue from Asia Pacific (excluding China & Singapore) region
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Six partnerships are on record, tiered core and minor.

• CH Offshore Ltd.coreStrategic or Co-development Partner · 1 September 2018BT Investment Pte. Ltd. acquired 54.98% stake in CH Offshore Ltd. in September 2018, expanding Baker Tech's operations into offshore support vessel ownership and chartering. CHO operates one OSV and sixteen AHTS vessels globally, adding significant scale to the Group's maritime fleet capabilities.
• TRF Singapore Pte LtdminorStrategic or Co-development PartnerStrategic partnership formed in 2007 where TRF Singapore Pte Ltd (a TATA enterprise company) acquired 51% stake in York Transport Equipment (Asia) Pte Ltd, which was subsequently disposed of by Baker Tech in 2012.
• Discovery Offshore S.A.minorStrategic or Co-development PartnerBaker Tech acquired a 10.5% stake in Discovery Offshore S.A. in 2011, increased to 20% in 2012, and divested the stake on 24th June 2013 when Hercules Discovery Ltd. triggered a mandatory offer.
• PPL Shipyard Pte LtdminorStrategic or Co-development PartnerThrough PPL Holdings Pte Ltd, Baker Tech held a 15% stake in PPL Shipyard Pte Ltd, which was disposed of in 2010 for US$116.25 million cash consideration.
• BT Titanium Pte. Ltd.coreStrategic or Co-development PartnerBT Investment incorporated BT Titanium Pte. Ltd. in October 2016 to engage in offshore marine logistics support services. BT Titanium owns the Blue Titanium DP2 Liftboat, a key operational asset of Baker Engineering.
• Sea Hercules Cranes Pte. Ltd.coreStrategic or Co-development PartnerFormerly Interseas Shipping (Private) Limited, renamed Sea Hercules Cranes Pte. Ltd. in October 2018 to better align with business activities. A subsidiary of Sea Deep Shipyard providing specialized crane services.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Bourbon Corporation: France-based offshore vessel operator with a large fleet of AHTS and OSV vessels servicing offshore oil & gas. Directly comparable to CH Offshore's vessel chartering and ship management business.
• SMOE (Singapore Offshore Marine Engineering): Singapore-based offshore EPC contractor for fixed and floating platforms, jackets, and topsides. Comparable regional competitor in offshore fabrication and marine engineering services.
• Lamprell: UAE-based offshore rig builder and engineering services provider focused on jack-up drilling rigs and offshore wind installation vessels. Comparable business model of building and refurbishing jack-up rigs and specialised offshore equipment.
• Tidewater: Global offshore support vessel owner-operator with one of the largest OSV/AHTS fleets in the world. Closest pure-play comparable to CH Offshore's vessel operations segment.
• Huisman: Dutch manufacturer of offshore cranes, winches, and heavy-lift marine equipment. Direct product overlap with Baker Tech's Sea Hercules pedestal crane and offshore lifting equipment portfolio.
• Sembcorp Marine: Singapore-listed offshore rig builder and marine engineering company. Directly comparable as a regional peer building jack-up rigs, offshore platforms, and specialised vessels for the same offshore oil & gas customer base that Baker Tech serves.

Broad incumbents

• Saipem: Italian offshore engineering, procurement, construction, and drilling contractor serving the global offshore E&P industry. Larger incumbent serving many of the same national oil company and IOC customers.
• Keppel Corporation: Singapore conglomerate with Keppel Offshore & Marine building jack-up rigs, FPSOs, and offshore equipment. Larger incumbent operating in the same regional offshore construction market as Baker Tech.
• Liebherr: Global heavy equipment manufacturer including offshore pedestal and crane products for fixed/floating platforms. Competes with Sea Hercules cranes in the offshore lifting equipment segment but as part of a much broader industrial portfolio.

Regional players

• Bumi Armada: Malaysia-based offshore services provider operating FPSOs and OSVs in Asia. Comparable Asian offshore vessel operator and oil & gas services business with overlapping regional customers.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Baker-Technology-Limited-207816209249999

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baker Technology