Dutch marine services and towage company KOTUG has agreed to buy offshore support vessel firm Seaways International, in what is the largest acquisition in KOTUG's history.
KOTUG said the move, of an undisclosed value, was part of its strategy to expand its business in assisting worldwide floating facilities such as FSO, FPSO, FLNG, FSRU, and SPM Terminals.
"In addition, it will further consolidate the position of KOTUG in this niche market that is expected to grow as new offshore floating projects emerge in response to rising energy demand," KOTUG said.
Dubai-based, West Africa-focused Seaways owns and operates a fleet that comprises DPS-2 capability AHT’s, Fast Crew Suppliers (Crew Boats for Passenger Transportation), and Cargo Barges, and also provides terminal management services.
Ard-Jan Kooren, President & CEO of KOTUG International: “The acquisition of the renowned Seaways will mark an important milestone for KOTUG. It fits our strategy to expand our offshore operations worldwide to meet the increasing demand for offshore support vessels. Over the last years, we have already heavily invested in offshore support vessels and people. The integration of the services and assets of the two leading companies will bring compelling synergy opportunities, leading to more efficient operations and enhancing significant value creation for our global customers. It strengthens our presence in West Africa and paves the way to enter other emerging markets. Seaways is a reputable company with high-quality services and a great motivated team. The culture and spirit of both companies have many similarities, and we foresee a prosperous future together.”
Captain Ashish Nijhawan, Managing Director of Seaways International: “I am proud that the Seaways family will become part of the KOTUG global family. Since its incorporation 27 years ago, Seaways has built itself into a reputed offshore maritime company with a proven track record and a knowledgeable and experienced team. KOTUG is an ideal fit for our people and our customers. I feel confident that this acquisition enhances Seaways, her dedicated onshore/offshore staff, and for her to grow into KOTUG’s (new) business areas globally.”
The acquisition is expected to be completed in the second half of 2022 - both companies will now work on customary governmental and other approvals, with the aim of completing the transaction within July 2022.