Kotug takes full control of KT Maritime
Kotug Australia and Teekay Shipping Australia Pty Ltd have announced the successful conclusion of a deal to reshape KT Maritime Services Australia Pty Ltd.
Under the deal, the previous 50/50 joint venture agreement between the two companies will cease to exist and under the new arrangement, what was previously KT Maritime Services will become a full subsidiary of the Kotug group.
KT Martime was incorporated in July 2012 since when the two companies have worked to successfully establish the business. It was formed to provide marine towage and related maritime services in Australian and regional markets, in particular focussing business development efforts in the expanding energy and resources sectors. It claimed to be the first specialist infield support marine service provider for floating LNG terminals in the world.
Teekay has now decided to exit KT Maritime to focus on its core Australian ship management, crewing and consultancy businesses. By acquiring Teekay’s stake, Kotug aims to optimise its existing operations and provide room for ‘significant growth’. Both companies are to work together during a transition period to restructure the new company set-up.
KT Maritime boasts a high-quality fleet of powerful multipurpose Rotortugs including the ART 100-42 trio RT Roebuck Bay, RT Kuri Bay and RT Beagle Bay built by ASL Marine Holding to support Shell’s Prelude floating LNG project. These were joined recently by the ART 100-46 tug RT Raven, built by Damen Albwardy UAE and currently the world’s most powerful Rotortug.
The venture allowed both Teekay and Kotug to combine expert industry know-how and operational best practices in the growing Australian towage market. As well as the Shell Prelude LNG project mentioned above KT Maritime also provides towage assistance at ConocoPhillips’ Bayu Undan FSO.
The transaction, unanimously approved by the boards of both parent companies was executed in April this year with the process scheduled to be finalised in July.
Ard-Jan Kooren, Kotug CEO said: “We thank Teekay for the professional and pleasant cooperation in the past years. Together with our motivated office staff and crew, and with our existing Australian port towage business and the Emergency Towing Vessel chartered out to the Australian Maritime Safety Authority, we are capable to drive the business to the next level.”
By Peter Barker
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