Wilson Sons and Ultratug for new offshore joint ventureNews // December 23, 2008
Seabrokers reports that two of South Americaís best known shipping companies are to form a 50:50 joint venture to operate offshore support vessels in Brazil.
Chilean tug owner Ultratug is joining forces with Brazilís Wilson Sons creating a US$1 billon business aimed at maximising opportunities from the anticipated boom in demand for offshore
Currently Ultratug own one 1985-built vessel and have four vessels on order which are due for completion by 2011.
Wilson Sons have five offshore vessels with two newbuilds on order.
Seabroker said the†new JV has finance in place for 13 additional PSVs and AHTS which will be converted into firm orders on the back of firm contracts, not least the outstanding Petrobras tender, the outcome of which is eagerly awaited.