Nimrod Sea Assets Buys into Altus Subsea

Nimrod Sea Assets has completed its fifth purchase for USD 9.6 million by way of a 51% stake in Altus Subsea DIS which will purchase the Remote Operated Vehicle Support Vessel (ROV SV) Altus Invictus from Hallin Marine currently under bareboat charter to Marine Engineering and Diving Services (MEDS) for a further 4.5 years.

The vessel was purchased 100% with equity while a senior financing facility is arranged. As part of the sale process a charter extension is being discussed that could further extend this.

MEDS owns and operates two other vessels, both of which are dive support vessels.

The Altus Invictus is a multipurpose Asian focused offshore support vessel that can be used for Remote Operated Vehicle work and has a small portable saturation diving system currently fitted and a 20t crane. The vessel currently works mainly in Malaysia and is expected to work as a field support vessel for the foreseeable future, which will have a positive impact on the residual value of the vessel.

ROV SV’s support the inspection, repair and maintenance of offshore oil and gas infrastructure and are therefore important in the continued efficiency of offshore energy production. In the view of the Executive Directors, and independent market analysts, demand for these vessels is likely to rise substantially within the period of the charter.

Jeremy Punnett, an executive director of Nimrod Sea, will join the Board of Altus Subsea DIS.