AD Ports has acquired 10 offshore vessels for USD 200 mn to boost offshore operations in the Middle East and Southeast Asia,according to a press release. The investment will bring the company some USD 70 mn in revenue within the next 3-5 years. The 10 vessels are set to be delivered by 4Q 2023, with the financial consolidation process starting 1Q 204 onwards, the press release adds. The company acquired the vessels from offshore supply vessel owner and operator E-NAV.

The details: The vessels include multi purpose supply vessels, platform supply vessels, diving support vessels and accommodation workboats, the statement said. The novel fleet has an average age of nine years, less than the industry average, it added.

The company’s ramping up its offshore operations: It plans to take over contracts with blue chip clients in the oil and gas industry, national and international oil companies in Southeast Asia and the Middle East, with 95% of the existing contracts slated for implementation soon, the statement said.

The silver lining: The investment will boost the company’s capacity for offshore services and expand its geographic footprint in the offshore sector, the company said. It also allows AD Ports to diversify its maritime investments and reduce risk amid forecasts of an upward trend in the sector, it added.

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