Dutch tugboat specialist Kotug International is boosting its offshore portfolio by acquiring the Dubai-headquartered owner and operator of offshore support vessels, Seaways for an undisclosed sum.
The intended acquisition of Seaways marks the largest in Kotug’s history and is part of the company’s strategy to expand its business in assisting floating facilities such as FSO, FPSO, FLNG, FSRU, and SPM terminals. In addition, Kotug said the move will further consolidate its position in this niche market that is expected to grow as new offshore floating projects emerge in response to rising energy demand.
Established in 1995, the West Africa-focussed Seaways owns and operates a fleet that comprises of AHTs, fast crew suppliers and cargo barges, and also provides terminal management services. The acquisition is expected to be completed in the second half of 2022, and both companies will now work on customary governmental and other approvals, with the aim of completing the transaction by July 2022.
Ard-Jan Kooren, president and CEO of Kotug International, commented: “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.”