Go Offshore and SeaEnergy Formalize Relations in New Joint Venture
Otto Marine Limited announced today that its 90% held subsidiary, Go Offshore (Asia) Pte Ltd, has entered into a joint venture agreement with SeaEnergy Ship Management (SEASM) to create a new UK-based company called GoSeaEnergy Ship Management Ltd. Go Offshore and Sea Energy will have 49 and 51 percent stakes in the venture, respectively.
GoSeaEnergy Ship Management will manage GO’s vessels in U.K., European and adjacent waters ad the JV commences business by assuming the management of the MV Surf Ranger, which was already under SEASM management.
Since shedding its renewables division to Repsol in 2011, SeaEnergy has been focused on its marine division and marketing the design, building and operation of vessels that support the offshore wind and oil and gas sectors. SeaEnergy and GO have been already actively tendering together for the provision of such vessels to clients, combining SeaEnergy’s detailed knowledge of offshore wind and specialized vessel design expertise with GO’s operational experience and financial strength and SEASM’s extensive management experience of these vessel types.
Commenting on the JV and the wider relationship with GO, Mike Comerford, SeaEnergy’s Operations Director and first Chairman of GOSeaEnergy said: “We are delighted to be managing GO’s vessels in the region and look forward to working closely with GO over the years to come both in the ship management joint venture and in advancing our plans and aspirations for offshore wind farm support vessels, where we are seeing an increase in tendering activity.”
Garrick Stanley CEO of Otto Marine said “This is an important step in broadening our operational capability locally in European waters and we are delighted to be working with SeaEnergy in the region.”
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