Global Oppertunities embraced by Mainport

€38m deal steers group towards increased international opportunities.

Ocean Mainport , a subsidiary of The Mainport Group, the privately-owned international marine services company headquartered in Cork, has today announced its acquisition of the UK-based shipping company, Havila Rescue Ltd., in a €38m deal. The deal, which includes the purchase of eight additional multi-role off-shore supply vessels, is one of several acquisitions negotiated by The Mainport Group over the last few months, which will bring the turnover for the group to over €80 million in the current year.

Established in 1957 and with offices in Ireland, Scotland, South Africa, Norway, and The Caspian Sea area, Mainport provides global shipping services to offshore oil & gas exploration companies and international seismic operators. Its core activities in Ireland include stevedoring, ship agency, and towage.

Ocean Mainport, the subsidiary involved in the current buy-out, is a joint venture with Sartor, one of Norway’s leading shipping companies, and the Havila acquisition brings the North Sea based fleet to 17 multi-role vessels. These vessels are already servicing varied long-term contracts to oil exploration majors, Shell, Chevron, Apache and Statoil.

David Ronayne, Chief Executive of The Mainport Group, commenting on the deal, stated: ‘ With this latest project we can offer additional vessels and an enhanced service to our existing and new customers in the oil and gas exploration sector, with economies of scale, advantages of size, and added expertise emanating from our new harbour-side Aberdeen office.

Our committed and experienced management team, key skills, and pool of 480 crew in the North Sea, means we are in a strong position to consolidate existing contracts and explore further strategic synergist opportunities arising in Northern Europe.

Ocean Mainport will generate a turnover of €50million in year one through this new venture’.

Mainport has further expanded its off-shore business in the emerging Caspian Sea area, working with oil major Agip, and Saipem, the Italian off-shore oil & gas construction company, in the Kashagan oil field, providing tugs and barges.

‘The Caspian Kashagan field in Kazakhstan covers an area of over 5,500 square km and offers huge potential. When fully developed, it is expected the field could yield more oil than the North Sea' Mr. Ronayne told us. ‘We are currently bidding for further contracts with Agip and Saipem in the Caspian which will require 12 additional vessels with a possible investment requirement of €50 million. We have proven that we can operate in a niche market, and have opened offices in Aktau (Kazakhstan) and in Baku (Azerbaijan) to service this growing market sector' he said.

On the Group's seismic support division David Ronayne commented: 'We started two years ago with one seismic support vessel working in India for CGG Veritas, a global leader in seismic research, and now have a total of four vessels in this category of business, operating in Timor and Equitorial Guinea (for CGG), The Black Sea (for Western Geco) and The Gulf of Mexico (for Wavefield, commencing Dec.07), all on long-term contracts. 'In response to the obvious demand for additional, multi-role seismic support vessels worldwide, the Group is actively considering building customised vessels for this sector in the Far East and presently has an advance team visit ing shipyards in China, Korea and Signapore' he concluded.
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