Riverstone has completed its exit from Mexico’s E-NAV Offshore by selling its remaining offshore support vessels.
The shipowner has been divesting its fleet after a big expansion under the guidance of the asset management giant.
Riverstone’s managing director in Mexico, Juan Pablo Visoso Lomelin, said: “We are thrilled to announce the successful final divestment of the E-NAV fleet, a portfolio company of Riverstone CKD I, marking the final divestment of this fund.
“Over the past five years, E-NAV executed a strategic growth plan, including key acquisitions and the repositioning of offshore vessels, which fuelled substantial growth and established the company as a leader in the offshore industry and one of the largest Mexican OSV owners.”
VesselsValue lists three ships remaining under its ownership, worth an estimated $117m.
The 5,100-dwt platform supply vessels Enav Peregrina (built 2019) and Enav Saguaro (built 2020) are operational. The 5,200-dwt PSV Enav Suguaro is due this year from Fujian Mawei Shipbuilding in China.
E-NAV had previously sold 31 ships since 2022, including PSVs, anchor-handling tug supply vessels and multipurpose supply ships, built between 2006 and 2023.
Abu Dhabi Ports Group snapped up 10 of these in November last year.
The latest sale was the 5,000-dwt large PSV Enav Jacaranda (built 2023) to Posidonia Shipping in Brazil earlier this year.
Other buyers include DTA Maritime, Safeen Feeders and Marcap, all based in the United Arab Emirates.
E-NAV’s website is no longer working.
Visoso Lomelin and E-NAV have been contacted for further information.
‘Market-leading returns’
The Riverstone executive said E-NAV exemplified the success of a solid investment thesis and a creative partnership, “where we collaborated with an exceptional management team to implement a value creation plan that delivered market-leading returns to our institutional investors”.
“Looking ahead, we will focus on energy transition and decarbonisation investments, in line with global trends and our commitment to a sustainable future,” Visoso Lomelin added.
Headquartered in Mexico City, with an operational office in Houston, E-NAV Offshore was incorporated in July 2019.
Mexican business was carried out with domestically flagged ships, while international vessels were registered in the Marshall Islands and Singapore.
The fleet sale marks another big change in an improving offshore shipping market.
In the summer, Singapore-listed shipowner Atlantic Navigation and its fleet of 20 vessels was sold to MAG Offshore Investments for $183m.
India’s Adani Group stepped up its interest in shipping by taking a controlling stake in Dubai owner Astro Offshore for $185m.
Norway’s DOF Group paid $1.1bn for Maersk Supply Services’ AHTS fleet.
