ADS Maritime Holding Plc acquires stakes in modern shuttle tankers

Jun 24, 2022

ADS Maritime Holding Plc ("ADSMH" or "the Company") has agreed to acquire a 5 % shareholding in AET Sea Shuttle AS and AET Sea Shuttle II AS, the owners of 4 modern shuttle tankers operating in the North Sea, mainly on long term charters to Equinor.

The vessels are as follows:

• DP 2 SH Tanker Eagle Blane Built 2019 125,000 DWT
• DP 2 SH Tanker Eagle Balder Built 2019 125,000 DWT
• DP 2 SH Tanker Eagle Bergen Built 2015 120,000 DWT
• DP 2 SH Tanker Eagle Barents Built 2015 120,000 DWT

(together the "Vessels").

The majority partner in the owning companies will remain major Malaysian tanker owner AET, part of the MISC / Petronas Group.

The vessels are operated by OSM Maritime. Sellers are ADS Shipping Limited.

The shares are acquired at a discount to valuations of the Vessels obtained from independent international brokers.

The acquisition is financed by an interest-free sellers' credit repayable within 2 years.

ADS Maritime Holding Plc has recently taken positions within the VLCC and MR segments.

The current acquisition will both establish exposure in an additional segment in the oil & gas markets and prepare the Company for further growth.

ADS Maritime Holding Plc - press release