Christian Berg's Bech Offshore is teaming up with Thailand's Beacon Offshore to buy an OSV newbuilding resale - with an Oslo listing also planned.
The 4,000-dwt high-end DP 2 MPSV is nearing completion at Vard Shipyards in Vietnam.
It was ordered in 2014 and appears to be a former ER Offshore ship, but is now owned by the yard.
Norway's Bech will take a stake in Beacon, whose shareholders will also buy into Bech to the same degree.
Bech is launching a private placement of $20m to finance the deal, including subsea equipment and required working capital.
The parties have agreed that a portion of the vessel acquisition price will be given as seller’s credit.
After the private placement, the ambition is to list Bech on the Oslo Stock Exchange's Axess or Merkur boards.
CEO Berg told TradeWinds: "We are a relatively new company so this is the first vessel that will be owned by Bech Offshore.
"Beacon Offshore owns two vessels and has one on a long-term contract. In addition they use vessels from the spot market from time to time."
He said that for now the focus is on the current project.
"We have a very good overview of the market and know what is out there. For us it is important that vessels have an x-factor in terms of flexibility and being able to work in different segments."
Asked about the listing plan, he said: "It is important for new investors that the investment is liquid and Oslo is the natural choice since we are based in Norway."
Bech Offshore will own 100% of the new MPSV, but Berg could not go into details of the cross-ownership stakes in Bech and Beacon.
"It should be attractive to all parties," he added.
The idea for Beacon is to strengthen its position in Asia and, through the new setup in Norway, expand the business into new regions such as the North Sea, West Africa and Canada.
Taking delivery of the MPSV from Vard will also open new market segments such as offshore wind, geotechnical survey and supply services, the companies said.
Perfect combination
“This is the perfect combination of two companies eager to expand their business both geographically and into new market segments. Further, the timing is perfect as we now see a strengthening market in all segments and regions,” said Christian Berg, CEO of Bech Offshore.
“As our business has been expanding over the recent years we saw the need to again increase the fleet and found the Vard newbuild to be a perfect match, as the vessel can work in any region."
Claus B Jorgensen, Beacon managing director, added: "The fact that we will also oversee the final layout of the vessel is important in order to get a purpose built and functional vessel for our services."
The vessel will be fitted for IRM and light construction support with a 50-tonne subsea crane and two work-class ROV and diving systems.
The accommodation has been increased to 60 people.
Bech was set up in 2017 by Berg to invest in distressed OSV assets.
It was bought that same year by Norwegian owner GC Rieber and Berg agreed to become its CEO.
But he left last September to focus on Bech, which was sold back to him.
Berg was CEO of Viking Supply Ships for six years before leaving in April 2017.
He has also worked for Geco Prakla and Siem Offshore.
Beacon was founded in 2011 by the former management team and founders of Singapore-listed Mermaid Maritime.
