Dutch shipowner Vroon has completed its refinancing with the sale of 30 offshore support vessels (OSVs) to Britoil Offshore Services in Singapore.
The companies said the deal also includes two management offices in Singapore and Italy.
Vroon added that the transaction, involving platform supply vessels (PSVs) and anchor-handling tug supply (AHTS) ships, leaves it a “strong international shipping company”.
The owner has now offloaded around 40 OSVs, after a deal in August that saw Golden Energy Offshore Services (GEOS) of Norway take five. Rederij Groen from the Netherlands has taken over two other ships.
Vroon’s debt has been cut from almost $1bn to $350m.
Former owners the Vroon family will retain a small stake as the group focuses on its fleet of 65 product and high-heat tankers, livestock carriers and emergency response and rescue vessels.
Vroon had been looking for buyers for the OSVs since January after agreeing a debt-swap deal with banks. No financial details of the new sales have been released.
“Sales proceeds will be used to reduce debt to a normalised level,” Vroon said on Wednesday. “This will strengthen the financial position of the company.
“The transaction was concluded after a careful process. It was important for Vroon to reach a beneficial and sustainable solution for its employees and customers.”
Almost the entire OSV workforce will be transferred to the new owners.
Den Helder office to close
“Regrettably, the supporting office in Den Helder could not be included in one of the transactions and, as a consequence, will be closed during 2024,” Vroon said.
Chief executive Martijn Schouten said: “With Britoil, GEOS and Rederij Groen, we have found solid new home ports for our offshore support colleagues and fleet.”
For Britoil, the deal sees an expansion of its operating footprint into the Mediterranean, the North Sea and Asia Pacific, as well as leading to synergies in the Middle East and Africa.
Ernest Loh and Sivakumar Ramadu will continue to lead the team in Singapore and Andrea Cavo will do the same in Italy.
They will report to Britoil chief executive Florent Kirchhoff.
Clarksons lists Britoil with 26 AHTS ships and a PSV on order in China for delivery in November.
Britoil becomes a top 10 global OSV company, with one of the youngest average fleet ages at 11 years.
Transport Capital acted as the exclusive financial advisor to Britoil.
Exciting period
Kirchhoff said: “It has been an exciting period for us at Britoil. After setting up our Dubai office and acquiring seven offshore service vessels last year, this acquisition provides a robust platform for growth as a combined company.”
Formed in 1988, Britoil has operated in the energy industry for 35 years.
GEOS paid $95m for its five Vroon ships and said on Wednesday that it had sold one of them.
The acquired fleet comprised four PSVs and a subsea support unit.
