Boskalis takes over Fairmount

The transaction values the company at an average multiple of approximately six times EBITDA.

Fairmount is a leading global provider of long distance ocean towage services, operating five 205 tonnes bollard pull towing vessels with anchor handling capabilities. The addition of these ocean going anchor handling tugs (AHTs) allows Boskalis to further expand its market position in both offshore energy and salvage. The use of ocean going tugs for long distance wet towage is complementary to Boskalis’ current dry heavy marine transport ability.

All five Fairmount tugs, Fairmount Alpine, Fairmount Expedition, Fairmount Glacier, Fairmount Sherpa and Fairmount Summit, were completed between 2005 and 2007 by Niigata Shipbuilding & Repair Inc in Japan. Virtually identical vessels, the 75m deepsea tugs are each powered by four Wartsila 6L32 main engines developing a total of 16,320 bhp to drive a pair of Lips controllable pitch propellers. The tugs are designed for long range towing and incorporate tank spaces for 2,100m3 of heavy fuel oil, 200m3 of fresh water and 500m3 of diesel oil.

Transverse thrusters are fitted fore and aft and along with main engines and rudders can be controlled by a single lever integrated system. Each tug has a towing and anchorhandling winch with three drums with a brake holding capacity of 400 tonnes and a maximum line pull of 250 tonnes. Fire-fighting equipment is installed to FiFi 1 standard and a chemical dispersant system is available.

Through its acquisition of Fairmount, Boskalis strengthens its heavy marine transport position. With the Fairmount assets, Boskalis can offer clients the full spectrum of heavy marine transport solutions tailored to the type of cargo or specific requirements. The anchorhandling tugs also have the potential of being deployed on offshore projects, thereby expanding Boskalis’ current transport and installation offering, and can be used in salvage projects. This acquisition is driven by the expansion of the global economy and increase in energy consumption.

A typical operation for Fairmount was the recent completion of a tow carried out by the Fairmount Expedition with the oil rig ENSCO 5002 from Brazil to Singapore. The tug hooked-up with the rig offshore Rio de Janeiro in mid-November 2013. ENSCO 5002 is a 70m long, 61m wide semi-submersible drilling rig built in 1975 and capable of accommodating up to 110 persons and drilling down to 10,668m. The convoy arrived in Singapore in late February after a 9,200 mile voyage at an average speed of 5.6 knots.

During the voyage stops were made in Cape Town and Port Louis (Mauritius) for bunkers, replenishments and crew changes. At both stops the Fairmount Expedition was engaged for some cargo runs.