Lomar sheds offshore fleet
Lomar Shipping does not own offshore vessels any more. The delivery in December 2014 of Lomar’s pair of 2008-built platform supply vessels, the Ark Phil and Ark Griffin, following a sale agreed in mid-2014 marked the completion of the company’s strategic sale of its fleet of offshore supply vessels.
By the beginning of 2015 a global surplus of supply had resulted in an oil price drop of almost 60% since June 2014 with few signs that demand will rise.
“The story of Lomar since 2009 appears to be one of relentless fleet growth”, stated CEO, Achim Boehme. “But in fact we have consistently sold vessels over the same period either as part of a strategy to renew and refresh the fleet, or where we have seen opportunity to realise value, as in the case of our offshore fleet. Current market conditions suggest that demand for vessels serving the offshore oil industry will reduce so we are happy to have completed the sales in this time frame.”
Lomar’s re-entry into the offshore sector began in 2009 when the company acquired the Allocean group and its fleet of vessels for $325 million. The fleet included Ark Griffin and Ark Phil, both 2008 built 5,000bhp PSVs (Platform Supply Vessels); the Hobart Trader, an 8,000bhp AHTS (Anchor Handling Tug Supply) built 2009; the Didi K and Go Altair, both 2009-built 5,150bhp AHTSs and the GSP Alcor, a 2010 built 5,150bhp AHTS.
Beginning with the Hobart Trader Lomar, sold all of its offshore interests over a 12 month period. The company says that it is satisfied with the timing of the sales and values it achieved.