Forth Ports acquires Targe Towing

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Forth Ports Ltd and Targe Towing Ltd have jointly announced that Forth Ports has acquired the entire share capital of Targe Towing.

Targe and Forth Ports have operated together for many years (Forth Ports)

Continuing what has been a theme of consolidation within the industry this latest development involves Forth Ports taking over Targe’s fleet of nine vessels including five tugs operating on the Scottish east coast along with a further three operating at Hound Point marine terminal on the Firth of Forth. Forth Ports operates 10 vessels including four tugs.

Targe Towing along with Forth Ports’ towing subsidiary Forth Estuary Towage have had a long-running close working relationship, both companies believing the acquisition ‘represents an opportunity to build on Targe’s reputation, to expand and take advantage of business opportunities in the towage and marine services area.

Targe was formed by Tom Woolley in 1991 and along with operations director Nick Dorman continues to lead the business with day-to-day operations remaining the same and the Targe name being retained. Alasdair Smith, Forth Ports’ senior marine commercial manager joins the Targe team in a senior position bringing the combined commercial expertise of Forth Ports’ businesses to deliver on its growth ambitions and the integration process is being led by Stuart Wallace, Forth Ports’ chief operating officer. The consideration for the acquisition has not been revealed.

Targe is a well-respected towage contractor in the region having received awards for its work at Hound Point from BP and INEOS, both major customers of Forth Ports and Targe.

Tom Woolley, Targe Towing managing director said: ‘We have enjoyed a close working relationship with the Forth Ports team for years and it’s clear that there are opportunities that we can pursue together to further develop the business.’

Targe’s fleet of tugs include three modern 70tbp Sanmar-built RAmparts 2400SX vessels, Kittiwake, Peterel and Queensferry all delivered in the last three years. Other vessels of note include the Spanish-built Dalmeny and Hopetoun, the latter of which when delivered in 1997 with a bollard pull of 124t was reported as the most powerful of its type in the world. Another vessel worthy of mention is the 70tbp Damen ASD 3211 Corringham which along with its sister-vessels Castle Point and Stanford (both now part of Svitzer’s fleet) worked at the BP refinery at Coryton on the river Thames.

By Peter Barker