Geoships Expands its Fleet with Two Multi Purpose Offshore Vessels (UK)

SeaHold GEOSHIPS Ltd, specialists in marine and subsea services, has expanded its fleet of multi purpose offshore vessels. The two new vessels ‘Loch Erisort’ and ‘Loch Roag’ brings the Aberdeen-based firm’s fleet up to three, whilst also signifying a US$140 million in additional financial commitment.

The new vessels, which are both of Vik & Sandvik VS470 design will be delivered in Quarter 1 2012 and Quarter 4 2012 respectively and are actively being promoted to the Oil and Gas market for long-term work. Specified as multi-purpose support vessels, they are capable of IRM, WROV support and general subsea duties and can be fitted with Survey, ROV and Diving equipment. These vessels are suitable for work in a variety of areas, including the North Sea, Mediterranean, West Africa and Asia Pacific.

This investment reinforces the firm’s continued commitment to provide a growing fleet of quality new vessels to the oil and gas and renewables sectors.

Kenny Macleod, chairman of SeaHold GEOSHIPS, said: “We are delighted to be investing in our own fleet of vessels and this commitment underpins our ambitious growth plans for the next few years. Our growing fleet enables us to focus more attention on the emerging offshore renewable energy market, as well as improving our ability to support our offshore Oil and Gas customers.

The first VS470, Loch Erisort, which is of clean and comfort class has an overall length of 74 metres, and is certified to accommodate up to 65 people in one and two man cabins. The second vessel which is certified to carry 60 POB, is slightly longer at 76m overall.

Formed in 2003, SeaHold GEOSHIPS has a forecasted turnover of £17million for the 2012 financial year, with turnover projected to increase to around £120million by 2015 on the back of an eight vessel fleet.

With a team of 13, the company is looking to recruit at least 5 new employees in the next 6 months. To meet staffing requirements on-board the expanding fleet, GEOSHIPS expects to have around 300 personnel, including marine crew, in the next 3 years.

Earlier this year GEOSHIPS entered into an 18-month charter for its first vessel, a new multi-purpose offshore vessel called Stril Explorer, and also awarded exclusive service agreements to NCS Survey and Hallin Marine for the provision of Survey and ROV services respectively from this vessel.

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Source: GEOSHIPS, November 09, 2011