Canada’s Horizon Maritime reloads with UT 717 PSV acquisition

Following its sale of a large multi-purpose support vessel (MSPV), Canada’s Horizon Maritime has gone back to the S&P market with the acquisition of a 2014-built UT 717 platform supply vessel (PSV) from Norway’s Island Offshore.

While no details of the sale price were disclosed by the new owner, UK ship valuations firm VesselsValue (VV) reported the high-spec PSV Island Dragon sold for US$25.8M on 28 March. Just four years ago, VV estimated the market valuation of the same vessel at US$9.14M; a clear indication of how the offshore energy market has rebounded and revived for high quality second-hand tonnage.

Renamed Horizon Dragon, the PSV has arrived in St John’s, Newfoundland, Canada, where it has been crewed with Canadian Horizon Maritime seafarers and is being reflagged to the Canadian registry. It has also been switched from Lloyd’s Register to DNV class, according to Equasis.

“Island Dragon sold for US$25.8M on 28 March; four years ago, the estimated market valuation was US$9.14M”

Built at what were the STX OSV Braila and STX OSV Brevik shipyards, the dynamic positioning-class 2 vessel has an overall length of 84.45 m, beam of 17 m, depth of 7.3 m and draught of 6.11 m. Propulsion power is supplied by two Bergen C25:33L-9 engines, with reduction gearing from Kongsberg Maritime and controllable-pitch propellers from Rolls-Royce. The ice-class, Clean Design PSV has a clear deck area of 800 m2 and accommodation for 26.

“Horizon Maritime remains focused on opportunities for strategic growth within our fleet,” said Horizon Maritime chief operating officer Lonita Judge.

Subtract here, add there

This deal follows in the wake of Horizon Maritime’s sale of 4,100-dwt Horizon Enabler to North Sea Shipping.

Renamed North Sea Enabler, Horizon Maritime will continue to provide crewing services for the DP2 multi-purpose ROV and light construction vessel. No details on the sale price were released. The 2010-built ROV and light construction vessel has an overall length of 96.3 m, beam of 20 m, depth of 8 m and draught of 6.66 m, with a 100-t active heave compensation crane, moon pool and SPS class.

North Sea Shipping reported that North Sea Enabler will continue the long-term charter that began in January 2024 with Helix Robotics Solutions. The MPSV is equipped with advanced remotely operated vehicle and trenching systems to perform trenching and subsea services for both the oil and gas and renewables sectors.

Horizon Maritime provides skilled personnel for marine operations globally. This includes providing vessel crew for a live fish carrier in British Columbia and personnel and management for the Port of Stephenville, Newfoundland and Labrador in support of World Energy GH2’s project Nujio’qonik — Canada’s first commercial-scale green hydrogen and ammonia facility.

In British Columbia, KOTUG Canada, a joint venture partnership between Horizon Maritime and KOTUG International, operates the oil spill response vessel (OSRV) KJ Gardner. The OSRV is on long-term contract with the West Coast Marine Response Center (WCMRC) in support of the Trans Mountain Expansion Project (TMEP). Additionally, KOTUG Canada will add two newbuild, methanol dual-fuel escort tugs in Q3 2025 that will also support the TMEP.

Designed by Robert Allan Ltd and under construction at Turkey’s Sanmar Shipyards, these RAsalvor 4400-DFM escort tugs will be named SD Aisemaht and SD Qwii-Aan’c Sarah in honour of the Sc’ianew First Nation.