Hartmann Group, the independent family-owned shipping company, today announces the recapitalisation of an 11-strong fleet of Anchor Handling Tug Supply vessels through a partnership with, and long-term investment from, Breakwater Capital and Hayfin Capital Management. Agreed with the financing banks on October 12 2017, the deal provides the fleet with immediate stability and the potential for growth.
Following the deal, full ship management of the fleet remains with the former owners, Hartmann Group, with Hartmann Offshore continuing the technical-nautical operations and UOS (United Offshore Support) managing the commercial side. The fleet will operate under their current expedition names such as "Challenger" and "Columbia", with the prefix changed from UOS to GH.
"We're delighted to have agreed this investment which secures a clean balance sheet and the long-term capital required to provide stability and the potential for growth in the future", commented Andre Groeneveld, Managing Director of UOS. "With strong assets, long-term partners and experienced management, we feel well-positioned to deliver a reliable, competitive and technically advanced service to the market", he added.
The delivery of the 11 vessels is scheduled to be completed by the end of November. The financial terms of the transaction are undisclosed.