MAG Offshore has acquired 20-strong offshore support vessel (OSV) fleet of Atlantic Navigation (“Atlantic”), listed in Singapore under ticker 5UL.SI. This fleet, comprising 20 high-quality OSVs of various types, is currently serving top-tier clients across key markets in Saudi Arabia, Qatar, and United Arab Emirates. MAG Offshore (“MAG”) is a strategic partnership between the Blue Ocean maritime strategy managed by EnTrust Global (“Blue Ocean”), Maas Capital (“Maas”), Allianz Marine Services (“Allianz”), and the Goldenport Group of Companies (“Goldenport”).
EnTrust Global is a global alternative asset manager with over $15 billion in total assets, and its Blue Ocean strategy is a leading provider of capital within the maritime industry, having deployed over $4.5 billion since its inception. Maas is a longstanding investor in the maritime industry and has partnered with Blue Ocean on various transactions since its original portfolio of assets was acquired by Blue Ocean in 2021. Allianz, which will oversee the management of the combined MAG fleet, is a well-established OSV owner and operator based in Dubai with significant operations in the Middle East and the Indian subcontinent.
Goldenport, headquartered in Athens, is a renowned international shipping group with diverse interests, including a significant presence in the dry bulk and tanker sectors. Prior to this acquisition, MAG owned four modern OSVs operating in the GCC region. The company was formed with a clear mission: to pursue a disciplined “buy and build” strategy across the Middle East, Southeast Asia, and Africa. This latest acquisition reflects MAG’s commitment to expanding its fleet through both bolt-on acquisitions and organic growth. The company remains focused on safe operations and delivering best-inclass offshore support services to NOCs, IOCs and EPC companies.
This transaction marks a significant milestone in MAG’s journey to becoming a premier OSV owner with vessels operating across the Middle East, Southeast Asia, and Africa. In order to ensure a seamless transition for its clients, MAG will retain Atlantic to continue to provide ship management services on selected assets on a temporary basis. MAG extends its gratitude for their invaluable expertise and support in executing this deal to the National Bank of Fujairah, which provided acquisition financing supporting the transaction, Alantra Corporate Finance (DIFC) Limited, which acted as sole financial advisor to the transaction and Watson Farley & Williams LLP, which acted as legal advisors to MAG.
Mark Ras, Managing Partner of Maas Capital Partners, commented: “We are delighted to continue building our business in the Middle East and Southeast Asia and to be doing this with trusted and professional partners. The MAG investment adheres to our core investment values of building and investing in assets, companies, and markets with strong underlying growth, that are underserved and undersupplied. Last, but not least, with whom we do business is at least as important as, when and what business we invest in”.
Murali Krishna, Director of Allianz Marine Services, commented: “Allianz is excited to partner with Maas and Goldenport in this unique platform that combines the financial strength and industry experience of its partners.
This investment reinforces our confidence in the offshore energy services industry and aligns with our vision to be the partner of choice in delivering top-tier marine logistics support and integrated project solutions” John Dragnis, CEO of Goldenport Group of Companies, commented: “We are pleased to announce the expansion of the group into the offshore sector in partnership with Maas Capital and Allianz Marine Services. The investment reflects our conviction that energy transition will take place at a more realistic pace and that the offshore oil & gas sector will continue to play a key role in the future”.
image: Mr. John Dragnis, CEO of Goldenport Group of Companies
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