ADS Maritime Holding Acquires 10% Stake in High-Spec Dive Support Vessel

March 29, 2023

ADS Maritime Holding said Wednesday it had acquired a 10% stake in a Dive Support Vessel and will act as Commercial Manager with primary responsibility for following up the shipowning company’s activities related to the vessel and the bareboat contract.

The vessel “Southern Star” is a high spec DP3 Dive Support Vessel (“DSV”) built in 2017, suited for light subsea construction work (150t subsea crane) and advanced dive support work with accommodation for approximately 120 pax. 

Southern Star conducting SAT Diving operations in DP3 for Shelf Subsea Malaysia, January 2020 - ©Tasik Subsea
Southern Star conducting SAT Diving operations in DP3 for Shelf Subsea Malaysia, January 2020 - ©Tasik Subsea

"The vessel was delivered on March 28, 2023, and will be employed on a 5-year bareboat contract, with a further sub-charter bareboat contract to a major provider of fully integrated subsea services," ADS Maritime Holding said.

"The acquisition is part of the company’s strategy of opportunistic growth within shipping and offshore, where the Company during 2022 and 2023 has taken positions within the Shuttle, VLCC, MR and subsea segments," ADS Maritime Holding said.

According to available information, the vessel in question is owned by Singapore-based Tasik Subsea.

Upon delivery in 2017, the vessel had spent some 22 months into a 6-year contract with Fugro, when Fugro delivered the vessel to Tasik, in what Tasik said was a "surprising return."

Tasik then launched arbitration, and the arbitration tribunal in January 2020 delivered its decision in which it determined that the charter party should not have been terminated, and Tasik was awarded a sum of USD 26.8 million.

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