Saam Towage, through Saam Towage Brazil, has entered into an agreement with Brazilian company Starnav to acquire 17 of the latter's tugs currently operating in Brazil.
The deal also covers the purchase of four additional tugs presently under construction.
The transaction was valued at US$150 million for the 17 active tugs. Another US$48 million will be disbursed for the four tugs under construction.
Once regulatory approval is given, Saam Towage Brazil will take over the debt for the operational tugs and those under construction, which will be deducted from the price paid to Starnav.