Viking Supply Ships Acquires SBS Marine

Tuesday, August 15, 2006
Viking Supply Ships AS (VSS), a wholly owned subsidiary of Kistefos AS, has acquired a Scottish-based platform supply vessel company in a strategic move designed to augment its fleet portfolio and support its growth plans in international markets.

It has acquired 100% of the share capital of SBS Aberdeen Ltd, the parent company of SBS Marine Ltd (SBS). SBS operates four platform supply vessels (PSVs) and has two additional PSVs under construction in Norway, to be delivered in November 2006 and February 2007. All six vessels have long term contracts with five of the vessels ultimately working for drilling company Transocean in India and one vessel for Talisman Energy (UK) Limited in the North Sea.

The SBS business will be run as a stand-alone subsidiary of VSS. It will be a sister company of fellow VSS subsidiary Viking Offshore Services Ltd (VOS) , with VOS Chief Executive Graham Philip assuming the same role with SBS. Keith Fletcher, the current owner of SBS, will continue to manage the day-to-day operations of the business as General Manager.

Graham Philip, who is also a Director of VSS, said: “As part of VSS’s international growth strategy we have been seeking to add to our portfolio of marine services – which already include anchor-handling tug supply vessels (AHTSVs) as well as rescue and recovery vessels - and SBS is an ideal fit in that regard.

“SBS is a truly outstanding company with a very modern, high-quality fleet – as well as the new builds, three of its four existing vessels are less than three years old. It has consistently demonstrated innovation, introducing new design features to its vessels to enhance safety, efficiency and customer service.

“The company has a highly-professional shore-based team located in Portlethen, just outside Aberdeen. Led by Keith Fletcher, it has built up the business from one second hand PSV which it acquired in 2001. “Unusually in the marine industry, SBS operates a decentralised management structure with the vessel masters and chief engineers being responsible for all aspects of managing their vessels, which is extremely important when operating vessels in international markets.

“SBS will continue to operate very much as a discrete business within VSS and we are confident it will build on its reputation as one of the success stories of the marine services industry.”

The acquisition of SBS has been funded by equity provided by VSS and debt finance provided by Bank of Scotland and Royal Bank of Scotland.

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

Offshore

Technip Further Optimizes its Subsea Assets

Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.(1). Technip’s strategy focuses on high technology

InterMoor UK Completes 2,300 Accident-free Projects

InterMoor UK Operations, part of Acteon’s foundations and moorings business, says it has completed seven years and more than 2,300 projects without a single lost-time incident (LTI).

Navy Ocean Services Contracts Awarded to Five Firms

The US Department of Defense inform that five firms are to share in a broad range of ocean engineering services contracts with a combined maximum dollar value of US$99-million.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.1034 sec (10 req/sec)