Global Energy Development enters subsea sector with acquisition of 11 vessels

Global Energy Development enters subsea sector with acquisition of 11 vessels

UK energy-based strategic opportunity investment firm Global Energy Development has conditionally agreed to purchase 11 offshore subsea service vessels and a barge vessel as it seeks to adopt a new business strategy focusing on the subsea oilfield services sector.

The company has entered into two agreements to purchase 100% issued shares in the vessel-owning companies.

Three vessels will be acquired from Everest Hill Group and another eight vessels plus a barge will be acquired from McLarty Capital Partners, Caleura Limited and individual Alan Quasha.

The vessels are Mystic Viking, Midnight Star, Cal Diver 1, DC Dancer, DC Star, DC Fred, DC IV, DC Polo, DC Triumph, DC Vitory and DC Serling.

DC Triumph, DC Vitory and DC Serling are currently out service and would require extensive work and investment to return to service. The company said it is yet to determine whether to salvage the three vessels.

Global Energy Development said the acquisitions will mark a fundamental change in its business strategy as these transactions are the company’s first step into the global subsea industry and it seeks to make countercyclical investments within the global subsea industry that will enable it to capitalise on future recoveries in the oil price and related increased requirements for offshore support services.

The company is looking at potential business opportunities in the Gulf of Mexico. It has also proposed to change its name to Nautilus Marine Services to reflect new business strategy.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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1 Comment

  1. Ken
    January 18, 2017 at 2:43 pm

    To operate in the US GOM, they must be Jones Act compliance which if built, owned and crewed elsewhere, they are relegated to the Mexico side of the divide.