Oil firm turns to subsea vessel market

Oil company Global Energy is changing course and is set to become a provider of offshore subsea services vessels in the U.S. Gulf of Mexico.

Global Energy, the AIM-listed producer and seller of hydrocarbons with assets in Colombia, said on Monday it would enter the subsea services industry through the acquisition of 11 offshore subsea service vessels and a barge vessel “as it seeks to adopt a new business strategy focusing on the subsea oilfield services sector.”

The company has said it is looking to take advantage of distressed market conditions through counter-cyclical investment, consolidation and technology opportunities with, “the directors believe, the potential to realize increased value for shareholders.”

Accordingly, following completion of the acquisitions of the vessels, Global’s focus will be on the subsea services industry and the Colombian acreage will be of only marginal importance, the company said.

As for the vessels to be acquired, the company plans to do it through two transactions. It will acquire three offshore subsea service vessels belonging to Everest which are based in the Gulf of Mexico, namely Mystic Viking, Midnight Star and Cal Diver. Everest had acquired the vessels from the now bankrupt Cal Dive.

Eight vessels will be acquired from Deepcor Marine, and the Rider Barge will be delivered by Everest Vessel Holdings to the Berwick dock facility in Louisiana, USA as designated by Global. The vessels to be acquired from Deepcor Marine were built between 1967 and 2000.

“Although the timing and sustainability of further recovery in the oil price is unknown, the company believes that further price recovery is, at some level, inevitable. The Directors believe that during the next 18 months there will be an opportune period for the company to acquire assets or businesses within the energy industry at low prices in order to expand and create a more diversified portfolio of assets and/or companies that can take advantage of such further recovery in the oil price and any increase in subsea service activity,” Global Energy said.

Global Energy plans to change name to Nautilus Marine Services PLC to reflect new business strategy.

Offshore Energy Today Staff

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