Fast-expanding survey firm Next Geo acquires new vessel

The vessel, Sea Admiral, was acquired from Beitveit Holding in Norway and has been renamed NG Explorer. It will be used for geophysical, geotechnical, environmental and UXO surveys.

NextGeo chief executive Giovanni Ranieri said the acquisition “is an important opportunity” and “part the company’s plan to expand its fleet of owned vessels.”

Mr Ranieri said the acquisition is part of the growth and development strategy the company set out in advance of its recent IPO, and will enable the company to expand its offering in the offshore market.

“With this acquisition, we have brought the number of owned offshore vessels in our fleet to four, including the already announced acquisition of Deep Helder, which will be finalised in January 2025. This will maintain a healthy balance between our own and chartered fleet, confirming our asset-light business model,” Mr Ranieri explained.

NG Explorer is 58 m long with a breadth of 14 m. The multipurpose survey vessel was built in 2010 and has a DP2 dynamic positioning system and diesel-electric propulsion.

The vessel, which was acquired at a purchase price of €6.8M (US$7.1M), will be operational from Q1 2025 and is undergoing a refit estimated to cost €3.0-€5.0M.