MAG Offshore acquires Atlantic Navigation fleet

MAG said this transaction is part of its strategy to become a major OSV owner through a combination of acquisitions and organic growth.

National Bank of Fujairah provided financial support for the transaction, while Alantra Corporate Finance acted as sole financial advisor and Watson Farley & Williams acted as legal advisors to MAG.

“We continue building our business in the Middle East and southeast Asia with trusted and professional partners,” said Maas Capital Partners managing partner Mark Ras.

“The MAG investment adheres to our core investment values of building and investing in assets, companies, and markets with strong underlying growth, that are underserved and undersupplied.”

Goldenport chief executive John Dragnis expects the group’s expansion into the offshore sector to be profitable in the long term. “The investment reflects our conviction the energy transition will take place at a more realistic pace and the offshore oil and gas sector will continue to play a key role in the future,” said Mr Dragnis.

Allianz Marine Services director Murali Krishna said this investment “reinforces our confidence in the offshore energy services industry and aligns with our vision to be the partner of choice in delivering top-tier marine logistics support and integrated project solutions.”

EnTrust Global is a global alternative asset manager with more than US$15Bn in total assets, and its Blue Ocean strategy has deployed over US$4.5Bn of capital in the maritime sector since its inception.

Maritime investor Maas Capital has partnered with Blue Ocean on various transactions since its initial portfolio of assets was purchased by Blue Ocean in 2021.

Athens, Greece-headquartered Goldenport is an international shipping group with diverse interests, including a significant presence in the dry bulk and tanker sectors.

OSV owners will explain their investment strategies in the growing market at Riviera’s Offshore Support Journal Conference, Middle East which returns to Dubai, UAE, 11-12 December 2024, bringing together the industry’s leading vessel owners, oil and gas companies, EPC contractors, technology and service providers to discuss opportunities, challenges and strategies to succeed in a booming offshore market. Get your tickets on early bird rates here. Offer ends 31 October 2024.