Singapore: POET Sells PSV Under Construction to Wilson Sons

Wilson Sons Limited (Wilson Sons) announced that Atlantic Offshore Services S.A., in which Wilson Sons and Ultratug International Inc. each have 50% participation, has signed a contract with the Singaporean shipbuilding company Pacific Ocean Engineering & Trading PTE LTD for the acquisition of a 3,500 deadweight ton Platform Supply Vessel.

The acquisition complements Wilson Sons existing partnership with Remolcadores Ultratug Ltda., and the strategy to attend demand in the offshore oil and gas industry. The vessel is currently under construction and is scheduled to start operations during the fourth quarter of 2013. With this acquisition, the Company’s joint venture fleets will comprise 5 offshore vessels under construction and 17 in operation with 14 owned and 3 AHTS ship management contracts.

Consistent with this strategy, the Company is planning to complete the civil works of the previously announced Guarujá II shipyard during the last quarter of 2012. The new site has an area of 17,000 sqm, dry dock length of 135 m, breadth of 26 m and capacity to process 5,500 tons of steel per year.

This project will more than double the shipbuilding capacity of Wilson Sons and also allow for increased third party vessel construction and maintenance services as demonstrated by the ROVSV contract for Fugro Brasil Serviços Submarinos e Levantamentos Ltd.

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Shipbuilding Tribune Staff, September 27, 2012