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

Offshore

N-KOM Lays Keel for Qatar’s First Liftboat

Nakilat-Keppel Offshore & Marine (N-KOM) has achieved another milestone with the keel laying of its first liftboat newbuild project, awarded in July 2014 by long-time

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

News

BHP Billiton Congratulates Women in Resources

More diverse workforces are helping resource companies achieve superior performance, safety and stable production, says BHP Billiton’s Human Resource President, Mike Fraser.

Van Oord Orders Subsea Rock Installation Vessel

Van Oord has ordered a new subsea rock installation vessel. Sinopacific Shipbuilding Group Shanghai will build the vessel at its Ningbo yard in China. The vessel will be delivered in 2016.

Five Port Projects Shortlisted for ESPO Award

Today, the projects of the ports of Huelva, Koper, Lisbon, Marseille and Rotterdam have been shortlisted for the sixth ESPO Award on Societal Integration of Ports.

Vessels

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

Imtech Marine Nav/Com Partner for Groen OSV

The first newbuild ship in a series of three offshore support vessels (OSVS) for shipowner Groen (Scheveningen), 7-Oceans, was delivered at Damen Maaskant Shipyards in Stellendam,

Chloropac Anti-Fouling Selected for Largest Decommissioning Vessel

Allseas Group S.A., a global offshore pipe installation and subsea construction company, has selected Evoqua Water Technologies’ Chloropac electrochlorination system

Wind Power

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

CWind Launches New Vessel

CWind, a provider of integrated services to the offshore wind industry, has launched its new vessel CWind Fulmar in a naming ceremony in Brightlingsea. The CWind Fulmar, built by CTruk Ltd.

Policy Uncertainty Threatens to Slow Renewable Energy Momentum

IEA forecast sees renewable power as a cost-competitive option in an increasing number of cases, but facing growing risks to deployment over the medium term. The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1411 sec (7 req/sec)