GulfMark acquires Rigdon MarineNews // May 29, 2008
Rigdon Marine's fleet of diesel electric PSVs will join GulfMa.
GulfMark Offshore has announced it has entered into a definitive purchase agreement to acquire Rigdon Marine Corporation (RMC), the well known operator of technologically advanced offshore supply vessels.
The purchase will add the RMC management team, an experienced group of mariners and a fleet of modern vessels designed to support the expanding demand in the deepwater Gulf of Mexico.
The combined company will initially operate 90 vessels with an additional 16 vessels under construction for delivery through 2010.
Geographically diversified, the combined fleet will have 24 vessels in the domestic Gulf of Mexico bringing the total fleet to 34 vessels based in the Americas, 42 vessels based in the North Sea and 14 in Southeast Asia.
After the deal is completed, GulfMark will have a value approaching US$2 billion.. The deal will add annualized revenues of over US$115 million from the 22 owned vessels in the Rigdon fleet at closing; revenue contribution from the total 28 owned vessel Rigdon fleet could approach an annual rate of US$150 million.
The deal also creates one of the world's youngest, largest and most geographically balanced, high specification offshore support vessel fleets, with an average age of less than 10 years.
The newly expanded company will also have a significant position in the growing deepwater market in the Gulf of Mexico.
Nine of the vessels mentioned above will deliver between the middle of 2008 and the middle of 2009 and the remaining seven between mid-2009 and mid-2010.