GEOSHIPS Announces Acquisition of Brooklyn Shipping (UK)

Aberdeen-based SeaHold GEOSHIPS Limited (GEOSHIPS) has announced the acquisition of marine management services company Brooklyn Shipping Ltd (BSL).

The acquisition is expected to lead to BSL’s staff numbers more than doubling to 80 this year and also contribute to a significant increase in GEOSHIPS’ pre-tax earnings on its projected turnover of nearly £50million for 2012.

Formed in 2003, GEOSHIPS has a strong focus on offshore renewable energy projects, whilst also being able to offer services in support of subsea oil and gas related projects. It chartered its first multi-purpose offshore vessel, the Stril Explorer, from Mokster A/S until 31st August 2012 to support the growing offshore renewable energy market and the subsea sector.

Ellon based BSL was formed in 1983 and over the years has created a compact, cost-effective marine services organisation with substantial experience of the management of dynamically positioned subsea operations support vessels.

The deal with BSL will secure access to the services of the experienced marine management provider for GEOSHIPS’ two new vessels due in the next nine months and its current vessel, the Stril Explorer, which is currently on charter with RBG.

BSL currently employs five office staff covering international marine management operations. This is expected to increase to around 10 in the next year, with all of the new positions being created at BSL’s new Ellon offices. In addition to its office-based management resource, BSL has 35 sea-going staff and this number is also expected to increase following the acquisition, to at least 80 in the next six months, to support GEOSHIPS.

Following the acquisition, BSL will become a division of the GEOSHIPS Group and it will continue to be managed by BSL’s existing managing director, Rennie Cameron. It will retain its own name and branding, whilst supplying both GEOSHIPS and the wider industry with an increasing portfolio of marine management services.

GEOSHIPS CEO Neil Donald said: “We are delighted with the acquisition of BSL. The company has an excellent reputation in the market place and they bring a wealth of experience to the GEOSHIPS portfolio. GEOSHIPS is very enthusiastic and focused on the year ahead and the delivery of its two MT6009L cable operations support vessels and the support of the BSL team will be invaluable in ensuring a “best in class” offering to the market place.”

Rennie Cameron, Managing Director of BSL said: “Joining the GEOSHIPS Group is an exciting evolution in our business and one which the company is delighted to be entering into. As a company we strive to offer the highest quality service possible and we view GEOSHIPS as having the same ethos. GEOSHIPS is a company we are pleased to be associated with and we all look forward to a long and prosperous future.”

Terms of the deal are not being disclosed.

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Source: seaholdgeoships, June 03, 2011