KUALA LUMPUR (March 2): Carimin Petroleum Bhd said its subsidiary Carimin Acacia Offshore Sdn Bhd (CAOSB) received a project financing facility of up to RM70 million from Malaysia Debt Ventures Bhd to part finance an accommodation work boat.

CAOSB is involved in the provision of marine-related offshore and onshore support services in the oil and gas industry.

Carimin said the facility will increase its gearing level to 0.62 times from 0.21 times, based on its financial position as at Dec 31, 2015.

"The facility is not expected to have material effect on the net assets and gearing of the Company for the financial year ending June 30, 2016," said Carimin.

Carimin shares closed 1 sen or 2.1% lower at 47 sen, bringing its market capitalisation to RM108.75 million.