May 16, 2014
Very exciting news for Teekay Offshore! As announced in our Q1 2014 earnings release, Teekay Offshore entered into a Letter of Intent (LOI) to acquire Logitel Offshore Holdings (Logitel), a company focused on the offshore accommodation market.
The acquisition would represent a natural complement to Teekay Offshore’s existing offshore project offering providing diversification of the current investment portfolio. Logitel currently owns two units for maintenance and safety (UMS) which are based on the Sevan Marine cylindrical hull design and are currently under construction at the COSCO shipyard in China.
Sevan’s innovative design and technology provide better stability, less seasickness, more storage space and higher uptime. Peter Evensen, CEO and President, commented “We continue to see strong growth fundamentals in the Brazil and North Sea offshore markets, which are our core markets. We believe that the combination of our strong operational platform and access to capital, with Logitel’s innovative accommodation rig design using Sevan’s cylindrical hull platform, will enable us to provide our customers with an attractive and reliable alternative in this growing segment.”
For more details of the LOI, check out Teekay Offshore’s Q1 2014 earnings release and presentation.