Telford Offshore increases fleet size with latest acquisition07/02/2019 | Dubai, UAE
International offshore service company, Telford Offshore, has concluded a recent acquisition which has resulted in the almost tripling of the number of its offshore assets.
The Dubai headquartered business has acquired an additional DP3 pipelay and accommodation vessel, and six offshore support vessels following a legal settlement between Sea Trucks Group (STGL in liquidation) and West African Ventures (WAV).
Telford Offshore delivers cost-effective construction and project management solutions to the oil and gas industry, with a fleet of DP3 support vessels.
The transaction allows Telford to grow and diversify its global offering, bringing its DP3 fleet numbers to five.
The DP3 vessel, Jascon 30, is set to be dry docked in the coming months and upgraded in preparation for utilisation across the globe under its new name, Telford 30. The vessel will be a uniquely capable asset which will be ready for deployment later in 2019.
Meanwhile, the six offshore support vessels, which are all anchor handlers, will be deployed in Nigeria with Telford’s partner Afrimarine Charters. They will be prepared to commence work on projects during the first quarter of 2019 as Telford moves to increase its presence and commitments in Nigeria and West Africa.
Telford Offshore, which has a 300 strong team including marine crew, is operating worldwide with vessels currently in the Americas, Asia Pacific and Africa.
Fraser Moore, Telford Offshore Chief Executive Officer, said: “Adding to our fleet with these seven assets allows Telford to further enhance our presence in West Africa and elsewhere. The Telford 30 in particular will offer a unique combination of DP pipelay, moored pipelay, heavy lift and accommodation support from one asset. Telford is now even better placed to support IOCs and other contractors by offering cost effective multifunctional vessel solutions across a range of project activities.
Ivan Coyard, Telford Offshore Chief Financial Officer, added: “We are pleased to see the settlement enacted after two years of litigation, allowing Telford Offshore to manage and operate a larger asset base and to further build and develop the group. We will have a larger asset base, stronger balance sheet with no additional debt.”
Telford Offshore is adaptable to client requirements and operates in the most challenging environments, delivering safe access to and support of offshore worksites.