A recovering North Sea market is just one factor pushing Horizon Maritime into Norway.
Chief operating officer Steve Widmeyer said increasing rig counts and rising rates in the region were only part of the reason the company established Horizon Maritime Offshore in Aalesund after acquiring the 280-bp Horizon Arctic (built 2016) from Bourbon.
"It only made sense if you have a vessel working in that region, that you have the proper support on the ground in that time zone" to support it, Widmeyer told TradeWinds Wednesday, noting the ship would continue working in the North Sea "seamlessly."
"Having said that, we do see signs of certainty in that North Sea sector," he added.
"I don't want to get too optimistic, [but there's] a bit of light at the end of the tunnel."
Among offshore players, there is hope the North Sea is leading an uptick that will pull the sector out of its five-year long tailspin brought on by the advent of shale oil and declining oil prices, an overabundance of vessels and low levels of scrapping.
There, the largest OSVs have been fetching $20,000 per day rates in the spot market and rigs have jumped from 24 on 31 January to 33 at the end of April.
Widmeyer said he expects the market to stay "a little bumpy" in 2019, "but heading into 2020, maybe it really does start to show some consistent signs of recovery."
Privately-held, Nova Scotia-based Horizon paid a reported $41.5m for the Horizon Arctic, according to VesselsValue.
The ship has been called unique, due to its ice class and subsea capabilities.
Widmeyer said the company wants to grow its fleet further, though was noncommittal whether they would build new ships, dip into the secondhand market or look for M&A.
He did say "all paths lead back to Norway" for acquisitions, as the country builds quality harsh-environment vessels.
"We look at them under the same lens as, is this a good opportunity for the company, does the tonnage fit with the strategy, is it a good deal, all those sorts of this," Widmeyer said.
"We're going to be cautious and do our due diligence and pick opportunities that really work for Horizon Maritime. Sometimes it takes a little bit longer than other times, whether the opportunity is a fit or not."
