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AD Ports buys ten offshore vessels for 200 million dollars

Caption: © AD Ports

Following its recent expansion in the container feeder segment, the Arab shipping group AD Ports Group is also expanding its fleet of offshore vessels.

The listed company AD Ports has now announced that it has purchased ten offshore vessels to strengthen its offshore activities in the Middle East and Southeast Asia[ds_preview].

The investment amounts to around 200 million dollars. The vessels are said to be “a well-maintained, diversified fleet with an average age of around 9 years”, which is well below the industry average. All 10 vessels are expected to be acquired in the fourth quarter of 2023.

The seller is the owner E-Nav. The acquired vessels include multipurpose supply vessels (MPSV), platform supply vessels (PSV), diving support vessels (DSV) and accommodation vessels (AWB). With the transaction, AD Ports is primarily looking at upcoming large-scale offshore projects in the Middle East, “where there is a shortage of high-quality vessels”.

AD Ports wants to “balance risks”

The Group sees the transaction as part of its strategy to balance its portfolio of maritime businesses with assets and services that are exposed to different market forces and cycles, thereby limiting the volatility of its performance. In this context, AD Ports recently expanded its activities in container shipping, including with the acquisition of Global Feeder Shipping.

Reference is made to “well-established contracts with blue-chip customers in the oil/gas industry, national oil companies and international oil companies in South East Asia and the Middle East. AD Ports expects an occupancy rate of around 95% and the investment is expected to generate annual revenues of more than $70 million over the next 3 to 5 years.

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