Kotug International has entered into an agreement to acquire Seaways International, a UAE-based owner and operator of state-of-the-art offshore support vessels (OSVs) providing offshore marine services to the global energy industry.
Kotug said the transaction is in line with its goal of strengthening its position in global offshore markets.
The acquisition also covers Seaways' fleet of fast crewboats, anchor handling tug supply vessels (AHTS), and cargo barges, which have been operating primarily in support of customers in West Africa.
The acquisition is scheduled to be completed in the second half of 2022. Both companies will now work on customary governmental and other approvals, with the aim of completing the transaction within July 2022.