South Boats Bought out of Administration

Press Release
Monday, October 29, 2012

The business of major British work boat company South Boats Special Projects Limited has been sold out of administration – saving a significant number of jobs on the Isle of Wight.



A manufacturer of service vessels for the offshore wind power industry, which is based out of Cowes on the Isle of Wight, has been bought for an undisclosed sum by Alicat Workboats Limited.



Joint-administrators David Clements and Richard Toone from national accountancy firm and corporate recovery specialists Chantrey Vellacott DFK and asset valuations and sales agents SIA Group managed the sale.



David Clements, partner and restructuring specialist at Chantrey Vellacott DFK, said: “We were appointed administrators of South Boats Special Projects on Thursday (October 25) and after discussions with a number of interested parties are pleased to have finalized a deal with Alicat Workboats. “The company had suffered financial problems mainly due to a combination of the challenge of rapid growth, significant design investment, new product introduction and expansion of manufacturing footprint. “Alicat Workboats is a major player in the industry and the sale has safeguarded jobs and secured the future of production on the Isle of Wight.  “The new venture will be the leading specialist in the manufacture and service of crew transportation vessels to offshore wind farms and provide refit and repair facilities.  “South Boats had a strong reputation and a healthy order book of some £21 million and further enquiry pipeline of some £35 million, which made the company an extremely attractive proposition.  “After a lot of hard work we are delighted to have completed the deal with Alicat Workboats and are confident the business will thrive under its new owners.”
 


Paul Craig, Director at SIA Group, added: “The level of interest for South Boats both locally and internationally has been exceptional for what is clearly a well regarded product. We worked closely with all parties to ensure certainty of delivery and secure a positive outcome within an extremely tight deadline.”



Nigel Darling, Director from Alicat Workboats said: “We are delighted with this acquisition and feel it both complements the company’s activities and secures the future of boat building on the island. “With the backing of Alicat Workboats, the clients of South Boats can be assured of the continued supply of quality vessels.”

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Offshore Oil & Gas: Brazil’s Northern Frontier

In an effort to spread out oil and gas production to other parts of the country and increase overall oil production, Brazil has finally intensified hydrocarbon

Safety the Focus as Heavy Lifting Picks Up

Modern heavy lift capabilities are crucial for safe, efficient operations offshore Heavy lift operations offshore are an awe-inspiring feat, but an operation that

Azeri Shipyard, BP Sign Vessel Construction Contract

Azeri state energy company SOCAR's shipyard and British oil major BP have signed a $378 million deal to design and build a subsea construction vessel for the Shah Deniz II gas project,

News

Heroic Titanic Engineer’s Memorial Restored

Joseph Bell, the Chief Engineer aboard RMS Titanic, is considered national hero for his actions in the ship’s engine room as she met her fate on April 15, 1912.

Euronav Posts 62% Core Profit Increase

Belgian crude oil shipping group Euronav on Wednesday unveiled a 62 percent rise in first-quarter core profit as daily rates for its fleet rebounded from last year.

Huge Iceberg Broken off Antarctica Heads for Open Ocean

Scientists are monitoring an iceberg roughly six times the size of Manhattan - one of the largest now in existence - that broke off from an Antarctic glacier and is heading into the open ocean.

Vessels

ABS Approves Design for GTTNA’s LNG Bunker Barge

GTT North America (GTTNA), the Houston-based subsidiary of French engineering and technology company Gaztransport & Technigaz SA (GTT), received approval in principle from ABS for the design of a 2,

Navios Time Charters Two Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced  that the Nave Equinox and the Nave Pulsar have been chartered out

RINA Launches Notation for Eco-ships

International classification society RINA has launched a new voluntary notation to clearly identify new ship designs which meet eco-ship criteria. The Efficient

Wind Power

UK Subsidises 8 Renewable Energy Contracts

The British government on Wednesday awarded investment contracts under a new subsidy regime to eight renewable energy projects, including five offshore wind farms and three biomass plants.

POSH raises $311m in Singapore IPO

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business.

Three NOAA scientists honored by White House

The White House yesterday awarded three NOAA scientists with Presidential Early Career Awards for Scientists and Engineers. The award is the highest honor given

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1253 sec (8 req/sec)