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Tuesday, August 9, 2022

ADS Maritime Holding Buys Into Equinor-bound Shuttle Tanker Quarter

Maritime Activity Reports, Inc.

June 24, 2022

Naming ceremony for Eagle Blane and Eagle Balder in 2019 - Credit: AET

Naming ceremony for Eagle Blane and Eagle Balder in 2019 - Credit: AET

ADS Maritime Holding has agreed to acquire a 5 % shareholding in AET Sea Shuttle AS and AET Sea Shuttle II AS, the owners of four modern shuttle tankers operating in the North Sea, mainly on long term charters to Equinor. 

The vessels are Eagle Blane, Eagle Balder, Eagle Bergen, and Eagle Barents. Shuttle tankers are used for the offloading and transporting oil from offshore oil installations.

The majority partner in the owning companies will remain major Malaysian tanker owner AET, part of the MISC/Petronas Group. 

"The vessels are operated by OSM Maritime. Sellers are ADS Shipping Limited. The shares are acquired at a discount to valuations of the vessels obtained from independent international brokers," ADS Maritime Holding said.

The acquisition is financed by an interest free sellers' credit repayable within 2 years.  

"ADS Maritime Holding Plc has recently taken positions within the VLCC and MR segments. The current acquisition will both establish exposure in an additional segment in the oil & gas markets and prepare the company for further growth," the company said.

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