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    Viking buys-out BUE Viking

    News // October 29, 2004
    Seabrokers reports that Kistefos AS, an investment company based in Oslo has, via its wholly owned subsidiary Viking Supply Ships AS, become the sole shareholder in BUE Viking (Holdings) Ltd, the largest operator of dedicated safety standby vessels in the North Sea.

    BUE Viking was formed in September 2002 when the standby vessel operations of BUE Marine Ltd, based in Leith, Scotland and Viking Supply Ships merged toform BUE Viking.

    The company is based in Aberdeen, Scotland with 39 vessels, which operate in the UK sector of the North Sea, and provides employment for 800 people.

    "The merger of the two companies has been extremely successful, in that it has allowed the company to offer a wider range of vessels and services to its customer base and brought efficiencies and economies of scale to its cost base. Since the merger thecompany has invested heavily in the operational integrity of its vessels and the safety of its crews," said Seabrokers in the latest issue of its monthly report, Seabreeze.

    BUE Marine operates 48 vessels in the Caspian and the sale of its 50 per cent shareholding in BUE Viking will allow it to focus on the further development of its marine activities in that area.

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