Swissco Holdings has announced that its plan to take over VM Marine has failed with the parties unable to reach an agreement on the transaction details.
In April, Swissco Holdings signed a non-binding memorandum of understanding to acquire VM Marine International, the parent company of Singapore-based VM Offshore and its subsidiary VM Offshore India; VM Services and vessel holding company Savannah International Offshore.
VM Marine International owns and operates anchor handling tug supply vessels, platform supply vessels and other offshore support vessels through its subsidiaries. The proposed acquisition also included two companies, Chanella Offshore Inc and Galileo Ship Management & Travel Private.
