German tug operators Fairplay and Bugsier have completed their merger.
Under the deal outlined earlier this year, Hamburg-based Fairplay Schleppdampfschiffs-Reederei Richard Borchard would acquire the Bugsier-, Reederei- und Bergungs-Gesellschaft in the second half of the year.
After signing a letter of intent, Fairplay Managing Director Walter Collet said it was important to have the strong presence of Bugsier in the German market to complement the strong presence of Fairplay in other European countries.
"Bugsier is a well-known and reliable player in the German towage industry. We have absolutely no intention to abandon this brand or change it," said Collet.
The transaction means the companies will have a fleet of more than 100 tugs, including its emergency tugs and oil recovery vessels.