LONDON (Alliance News) - Offshore energy services business SeaEnergy PLC Wednesday said it had entered into a joint venture with Singapore-based shipping company Go Offshore (Asia) Pte Ltd that will manage Go's vessels in UK, European and adjacent waters.
In a statement, SeaEnergy said its SeaEnergy Ship Management Ltd unit will take a 51% stake in the joint venture, which will be called GOSeaEnergy Ship Management Ltd. It will start by assuming the management of the MV Surf Ranger vessel, which was already under the management of the SeaEnergy subsidiary.
A second vessel, the GO Pegasus anchor handler, is scheduled to arrive in Europe from the Far East during the summer and other GO vessels are expected to come under the JV's management during the course of this year, SeaEnergy said.
"SeaEnergy and GO are also focussed on the construction and operation of accommodation and maintenance vessels for offshore wind farm and oil & gas support using SeaEnergy's high performance dynamically positioned walk-to-work designs," the company said in a statement, adding that the companies were already actively tendering for contracts.
Go Offshore (Asia) Pte Ltd is a subsidiary of Otto Marine Ltd, the Singapore-listed offshore marine group. Otto owns and operates 65 offshore support vessels.
SeaEnergy shares were up 8.2% at 36.5 pence Wednesday morning, one of the biggest gains on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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