Mergers Acquisitions News

Seattle-headquartered Saltchuk on Wednesday announced it has completed its acquisition of Overseas Shipholding Group (OSG), a New York-listed marine transportation company based in Tampa, Fla.Privately-held Saltchuk—previously OSG’s largest shareholder—said it completed a $950 million transaction to purchase all outstanding shares of OSG common stock at $8.50 per share in cash, making OSG a wholly owned subsidiary. OSG common stock is now delisted and deregistered from the from New York Stock Exchange.OSG…

Electric marine technology companies Vita and Evoy announced they are merging to consolidate their positions in high-power electric marine propulsion in both commercial and recreational markets.In coming together, the companies said they plan to leverage scale to drive down prices for the end user, fast tracking development, and providing immediate access to territories across Europe and North America with active operations in the U.K., Norway, France, Italy, Monaco and California.Evoy’s high-output inboard and outboard systems are currently in operation in 19 countries…

Royal Boskalis B.V. on Monday announced it has reached a deal to take full ownership of marine services and towage provider Smit Lamnalco, after another deal for the company to be acquired by Spain’s Boluda Group fell through.Dutch dredging contractor and marine services firm Boskalis, which has held a 50% stake in Smit Lamnalco alongside joint owner Saudi Arabia's the Rezayat Group since 1964, said it signed an agreement to acquire all remaining shares in the company. The companies…

Norway-based technology group Nekkar has entered into an agreement to acquire the majority of the maritime connectivity and digital service provider Globetech.Globetech provides ICT (information and communication technology) infrastructure, connectivity and support services to the global maritime sector.Serving a fleet of 150 vessels, the company offers complete solutions for onboard network infrastructure including hardware, tailored solution architecture and system integration for satellite communications…

U.S.-based family-owned private equity firm the Hoffmann Family of Companies (HF Companies) announced it has acquired Mackinac Island Ferry Company in Michigan.Jenny Gezella, President of Hoffmann Marine, said, “We are thrilled to acquire the Mackinac Island Ferry Company, further expanding our presence in the Mackinac community and marine industry. Our commitment to providing first-class, efficient transportation remains steadfast, and we look forward to continuing to serve both residents and visitors to this special island.”“To ensure a seamless transition…

The Netherlands-based subsea services company N-Sea announced it has finalized a deal to acquire Geo Plus based in Groningen, The Netherlands.Geo Plus operates a fleet of five specialized survey vessels—Geo Ranger, Geo Focus, Geo Explorer, Geo Motion, and Geo Connection—which are currently operating on long-term projects in Europe and the Middle East. The vessels are well equipped for all types of geophysical surveys and inspection activities.By acquiring Geo Plus, N-Sea increases its capacity and capabilities in the field of shallow water hydrographic surveys…

Marlink closed the 100% acquisition of Diverto, a pioneer in the provision of advanced IT and OT security solutions for enterprise and critical infrastructure.Based in Zagreb, Croatia, Diverto is an expert in the delivery of cybersecurity services and solutions. Its portfolio covers professional services including penetration testing, red and purple teaming, security audit, risk management, compliance and other cybersecurity services. Agnostic to the technologies deployed by its customers…

Louisiana-based maritime financing company Maritime Partners on Monday announced it has completed its acquisition of e1 Marine, a company that produces hydrogen generation technology for the marine sector.Originally formed as a partnership between Maritime Partners, Element 1 and Ardmore Shipping, e1 Marine provides clean energy technologies, including advanced methanol-to-hydrogen generation products, which provide an alternative, cleaner fuel source for marine vessels. The technology comes from Element 1.…

Singapore headquartered dry bulk shipping company Centurion Bulk announce it has acquired Danish handysize operator Integrity Bulk.The takeover will be effective from July 31, 2024, subject to the finalization of the transaction, Centurion Bulk said.Centurion Bulk charters and operates more than 80 vessels worldwide, spanning the handysize to ultramax markets.The Integrity Bulk website currently lists a fleet of 12 vessels built from 2012 through this year, ranging from 28,227 dwt to 39,970 dwt.

Cleveland, Ohio based welding and cutting equipment company Lincoln Electric earlier this month announced it has acquired automation system integration and technology firm Inrotech A/S, headquartered in Odense, Denmark. Terms of the deal were not disclosed.Privately held Inrotech specializes in automated welding systems that are differentiated by proprietary adaptive intelligence software and computer vision which guides and optimizes the welding process without the need for programming or the use of CAD files.

South Korea's Hanwha Group has agreed to acquire U.S. shipbuilder Philly Shipyard in a $100 million cash deal, the companies announced on Thursday.Under the deal, which is expected to close in Q4 2024, Hanwha Systems and Hanwha Ocean will purchase purchase of Philly Shipyard, Inc., the sole operating subsidy of Aker-owned Philly Shipyard ASA, based in Oslo.Kristian Røkke, Chairman of Philly Shipyard ASA, said, “After two decades of stewardship, it is with great honor that we transition the ownership from Aker to Hanwha.

Fratelli Cosulich Group, via its subsidiary Link Industries S.p.A., acquired Schiavetti Enzo S.r.l., with Enzo Schiavetti remaining as a partner and CEO. The company, based in Genoa and operational since 1870, produces and sells of hardware products for the naval and nautical industries. Over the years, it has focused on the design and trade of hardware products for the naval and nautical sectors. The portfolio includes a wide range of solutions related to the world of doors and naval furnishings…

Shell has reached an agreement with Carne Investments, an indirect wholly-owned subsidiary of Temasek, to acquire 100% of the shares in Pavilion Energy, a Singapore-based global liquefied natural gas (LNG) trading business.Pavilion Energy is an LNG business with a contracted supply volume comprising about 6.5 million tonnes per annum (mtpa).Headquartered in Singapore, Pavilion Energy’s global energy business encompasses LNG trading, shipping, natural gas supply and marketing activities in Asia and Europe.“The acquisition of Pavilion Energy will strengthen Shell’s leadership position in LNG…

Norwegian-headquartered NAVTOR announced it has acquired specialist software development company Masterloop.“Masterloop provides another piece of the digital puzzle as we continue our mission to make life easier, safer and more profitable for shipping companies worldwide,” said Tor Svanes, NAVTOR Founder and CEO. “The team’s industrial IoT strength and maritime understanding, highlighted by their Bluekey vessel efficiency application, will feed into our drive to enhance our portfolio with intelligent…

Noble Corporation has entered into a definitive agreement to acquire Diamond Offshore, creating a fleet of 41 rigs - including 28 floaters and 13 jack-ups, and a combined backlog of approximately $6.5 billion.Noble will acquire Diamond in a stock plus cash transaction, whereby Diamond shareholders will receive 0.2316 shares of Noble, plus cash consideration of $5.65 per share for each share of Diamond stock, representing an 11.4% premium to closing stock prices on June 7, 2024.Noble intends to fund the cash portion of the transaction through new debt financing…

Maritime services company Boluda Towage on Wednesday announced it has acquired France-based Les Abeilles International.Les Abeilles provides maritime rescue response services, with coverage along the French and Northern European coasts. Boluda Towage said the acquisition will enhance its capacity to act in case of offshore spills, with highly qualified equipment and state-of-the-art technology. Boluda Towage will also emerge as a new player in the wind energy markets, supporting the construction and maintenance of offshore wind farms.Through the acquisition…

ABB Marine & Ports has finalized its acquisition of DTN’s portfolio for weather routing in shipping. The transaction was completed today, following an earlier announcement of an agreement with global data and analytics group DTN to acquire the shipping business of DTN Europe BV and DTN Philippines Inc., on January 24, 2024.The acquisition brings with it advanced routing services, including a selection of digital solutions that are brought under the ABB Ability portfolio of digital solution as Routing Services.

Port agency and marine services company Inchcape Shipping Services on Monday announced it has acquired Grieg Logistics AS from the Grieg Group, strengthening its presence in the NordicsUnder the new ownership, Grieg Logistics will continue to operate under the same name for a period and existing management headed by CEO Stig Trygve Andersen.Grieg Logistics operates terminals at Tønsberg, Mosjøen and Skålevik, and it has offices in Tønsberg, Larvik, Bergen, Mongstad, Kristiansund and Mosjøen, offering ship agency services all along the Norwegian coastline, mainly with its own staff.

Boluda Towage announced it has reached a deal to acquire British company SMS Towage Ltd.The acquisition involves taking over the harbor and offshore towage services and marine operations, together with the management, office staff, crew, and fleet, based in the United Kingdom. SMS is presently operating in the U.K. ports/regions of, Tyne, Tees, Humber, Portsmouth, South Wales and Belfast with a fleet of 20 tugs. According to family-owned Boluda Towage, the addition of SMS will strengthen its position in the U.K.…

Seattle-headquartered Saltchuk on Monday announced it has entered into a definitive agreement to acquire Overseas Shipholding Group (OSG), a New York-listed marine transportation company based in Tampa, Fla., in a deal worth $950 million.Privately-held Saltchuk—OSG’s largest shareholder—said the transaction assigns OSG an aggregate equity value of approximately $653 million. Under the deal's terms, Saltchuk will commence a tender offer to acquire all outstanding shares of OSG it does not already own for $8.50 per share in cash…

Siem Offshore has changed its name to Sea1 Offshore followong an ownership change that saw the company's founder and chairman exit the Norwegian offshore support vessel (OSV) firm.Kristian Siem, longtime leader of Siem Offshore, stepped away earlier this year after reaching a deal to acquire nine vessels in exchange for his 35% stake in the company.The name has been formally registered in the Cayman Islands Registrar of Companies and change officially took effect May 7, 2024.

Maritime software brands Ripple and Marine Learning Systems are joining forces, coming together under a single brand focused on crew training and marine operations.The firms, both acquired by technology holding company Bleecker Street Group in 2023, have merged to become Ripple Operations.Post-merger, the new entity will provide human capital management, crew operations, training, learning and development solutions to maritime operators, supporting hundreds of thousands of mariners and operators across the ferry, cruise, offshore, fishery and tug, tow and barge industries.

Germany's IG Metall union on Tuesday said it had preliminary talks with Carlyle on the investment firm taking a majority stake in Thyssenkrupp Marine Systems and agreed to push for an agreement as quickly as possible.In a newsletter seen by Reuters, the union however insisted that a stake sale to private equity investors could only happen if the state stepped in as well to secure the conglomerate's naval shipbuilding activities.The economy ministry was not immediately available for comment."A first round of negotiations in a small group is scheduled for the beginning of May…