With all of the stacked OSVs around the world, I’m hoping these vessels are being bought not only for their current contracts, but to reduce the amount of companies with vessels that are flooding an already over-saturated market.
It’s still going to be the same amount of boats on the market. Unless HOS is going to scrap 4 of it’s other vessels which is unlikely because I think they’ve already weeded out the lower end stuff. I think the number of boats on the market has a bigger effect than number of companies.
The shore based people at Aries are probably going to be the biggest loser with this. Even if they would move to Mandeville, I’m sure HOS is fully staffed and can handle 4 more boats. Hopefully there’s some goodwill out there to keep everyone earning.
IIRC they still have some smaller osvs, plus the lift boats.
I forgot about the liftboats. I can’t remember the last time I saw one of their older supply boats. They sold some when they started building these higher spec boats.
Looks like they have the Kylie Williams and Abigale Claire which are 220s built around 06/07. The Elsa Leigh, Ram Challenger and Ram Charger which are stretched older style boats. Then 17 lift-boats.
I bet the other OSVs are for sale too but if anything is happening with this downturn is the lower end stuff is really being squeezed out. No one that’s able to buy them wants them. Even boats built just a little more than 10 years ago.
Read the artical people, Aries just sold the 4 new boats, not the company. They still have the office, lift boats and older OSVs.
Sounds like they couldn’t compete to find deep water work and make the payments on the new boats.
So the two Eastern boats and those two funny-looking diesel-electrics? Should fit right in at HOS, though if I recall their two Eastern boats are Cummins and not Cat.
Spend 36 mil in cash and retain a load of debt, the oil business must be picking up real soon.
HOS is just buying boats spending all the cash they have until they drop the bankruptcy bomb on share holders.