GulfMark Offshore Acquires Platform Supply Vessel
GulfMark Offshore
GulfMark Offshore has acquired the Waveney Citadel, a 2003 built UT755L design platform supply vessel from Waveney Shipping PLC, a privately held United Kingdom company which owns three new generation PSVs, including the Citadel, all of which are currently managed by GulfMark. The total purchase price for the Citadel is 9.4 million pounds, or approximately $18 million. The acquisition will be funded from cash on hand and our $100 million revolving line of credit.
Commenting on the acquisition, Bruce Streeter, President and COO said, "The UT755L's high capacity and flexible work modes are recognized around the world. As managers, we are well aware of the Citadel's capabilities, operating characteristics and profitability as we have been involved with the vessel since construction. The addition of the Citadel to our fleet is very timely as we have experienced a significant improvement in demand; consequently the vessel's earning power will be realized from the initial acquisition date.''
Commenting on the acquisition, Bruce Streeter, President and COO said, "The UT755L's high capacity and flexible work modes are recognized around the world. As managers, we are well aware of the Citadel's capabilities, operating characteristics and profitability as we have been involved with the vessel since construction. The addition of the Citadel to our fleet is very timely as we have experienced a significant improvement in demand; consequently the vessel's earning power will be realized from the initial acquisition date.''
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea