ADS Maritime Acquires Stakes in Modern Shuttle Tankers

Source: 6/24/2022, Location: Europe

ADS Maritime Holding Plc (“ADSMH” or “the Company”) has agreed to acquire a 5 % shareholding in AET Sea Shuttle AS and AET Sea Shuttle II AS, the owners of 4 modern shuttle tankers operating in the North Sea, mainly on long term charters to Equinor.

The vessels are as follows:
• DP 2 SH Tanker Eagle Blane Built 2019 125,000 DWT
• DP 2 SH Tanker Eagle Balder Built 2019 125,000 DWT
• DP 2 SH Tanker Eagle Bergen Built 2015 120,000 DWT
• DP 2 SH Tanker Eagle Barents Built 2015 120,000 DWT (together the “Vessels”).

The majority partner in the owning companies will remain major Malaysian tanker owner AET, part of the MISC/Petronas Group. The vessels are operated by OSM Maritime.

Sellers are ADS Shipping Limited. The shares are acquired at a discount to valuations of the Vessels obtained from independent international brokers. The acquisition is financed by an interest-free sellers’ credit repayable within 2 years.

ADS Maritime Holding Plc has recently taken positions within the VLCC and MR segments. The current acquisition will both establish exposure in an additional segment in the oil & gas markets and prepare the Company for further growth.

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