Dutch shipowner Boskalis is banking about €80m ($91m) from selling its Asian tug businesses.
Boskalis has a 49% stake in Keppel Smit Towage (KST) and Maju Maritime, which control 58 ships.
The company operates in harbours in Singapore and Malaysia.
The buyer is Italian company Rimorchiatori Mediterranei, which is part of Rimorchiatori Riuniti Group.
TradeWinds has already reported that Boskalis' Singapore partner Keppel Corp is selling its 51% holdings in the businesses for about $98m.
The two companies contributed €8m of profit to Boskalis over the past two years.
KST was set up in 1991 as a joint venture between Keppel and Smit, a wholly owned subsidiary of Boskalis.
Over the past 30 years, KST has developed into one of the largest and leading harbour tug service providers in South East Asia.
Other businesses sold
"The sale of KST follows the strategic decision taken by Boskalis in 2019 to divest its harbour towage activities," the Dutch owner said.
Boskalis sold its stakes in Saam Smit Towage and Kotug Smit Towage in 2019.
The agreement is subject to approval from the regulatory agencies in Singapore and the transaction is expected to close in the first half of 2022.
Genoa-based Rimorchiatori was established in 1922. The group operates a fleet of 100 modern vessels in more than 20 major ports, employing 900 people.
The fleet also includes salvage ships and a couple of panamax bulkers, according to Clarksons.
In September, the Italian owner was reported to have sold five offshore vessels to Brasileira de Offshore in Brazil.
The large or very large anchor-handling tug supply ships went for a combined $33m, brokers reported.
