Kotug Australia and Teekay Shipping Australia Pty Ltd have concluded a deal to re-shape KT Maritime Services Australia Pty Ltd from a 50/50 joint venture to a full subsidiary of Kotug group.
After several years of working with Kotug to establish the business, Teekay has 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 to provide room for significant growth. Both companies will work together during a transition period to restructure the new company set-up.
The transaction has been unanimously approved by the boards of both parent companies and was executed in the first week of April 2018. The transition is scheduled to be finalised on 1 July 2018.
KT Maritime was incorporated in 2012 allowing its parent companies to combine expert industry know-how and operational best practice in the Australian towage market.
It provides all towage operations for Shell’s Prelude floating liquefied natural gas unit as well as towage assistance at ConocoPhillips’ Bayu Undan floating storage and offloading unit, for which it employs four specialised infield support vessels, all owned by the Kotug group.