Singapore-based OSV owner Britoil Offshore Services has acquired 30 offshore vessels as the Dutch shipowner finalised its financial restructuring.
The deal also included supporting offices in Singapore and Genoa. The remaining vessels have been picked up by Norway’s Golden Energy Offshore Services (GEOS), while the Dutch-based Rederij Groen took over two OSVs.
Vroon said the sales proceeds will be used to “reduce debt to a normalised level” and that almost the entire workforce will be transferred to the new owners, with the exception of the office in Den Helder, which will be closed during 2024.
“With Britoil, GEOS and Rederij Groen, we have found solid new home ports for our offshore-support colleagues and fleet. Together with the new owners, we will take care of a smooth and seamless handover of our vessels, crews and supporting offices to ensure continuity for our customers,” said Martijn Schouten, chief executive of Vroon.
Vroon announced plans earlier this year to offload its offshore fleet, after the majority ownership of the so-called “new” Vroon, was transferred to the company’s lenders, while the Vroon family, which established the company in 1890, retained a small interest. Going forward, the company’s fleet will consist of 65 ships, including high-heat tankers, livestock carriers and emergency response and rescue vessels.
“These transactions mark the final conclusion of an intensive process and the beginning of a new chapter for Vroon,” added Schouten.
Founded by David Hill over 30 years ago, Britoil currently has a fleet of nearly 30 ships with over 20 anchor handling tugs and a pair of platform suppliers. In 2021, HICO Investment Group, the private investment business of the Hartnoll family acquired a significant stake in Britoil.
The 30-ship acquisition, in which Transport Capital acted as the exclusive financial advisor, will see Britoil in the top 10 offshore service vessel owners, and expand its operating footprint into the Mediterranean, the North Sea and Asia Pacific.
“It has been an exciting period for us at Britoil. After setting up our Dubai office and acquiring seven offshore service vessels last year, this acquisition provides a robust platform for growth as a combined company,” stated Florent Kirchhoff, CEO of Britoil.
