TSMarine

[Rons_ROV_Links]

In October a news article with the title TSMarine forms new Aberdeen-based company after management buy-out was published here on ROVworld.

On the website of investment bank Simmons & Company International I just found the following:

November 17, 2009 – CHAMP Ventures Pty Ltd. announced that its CHAMP Ventures Investment Trusts No. 6 has completed the acquisition of TSMarine Pty Ltd and TSMarine ( Contracting) Singapore Pte Ltd the Asia-Pacific businesses of Aberdeen–based TSMarine(Contracting) Ltd. Simmons & Company International Limited represented TSMarine (Contracting) in this transaction.

The TSMarine website seems to be down or better it dissappeared just like their Linkedin page.

Anybody has news about TSMarine?

[James McLauchlan]

The Oz/Asia side of the operation was split off as a separate entity some time back.

For the UK website you will get an ‘under construction message’
http://www.tsmarinesubsea.com/

The Oz site is offline. Maybe the server has lost the plot?
http://www.tsmarine.net

LinkedIn Oz is live:
http://www.linkedin.com/companies/tsmarine

Oddly, today a little birdie told me that the buzz was all may not be well with the UK operation, even though there was a management buyout not too long back.

The Oz side I have no further information on.

I will be in Aberdeen this week and will drop in to see if the lights are on or not.

Given the initial internet results, things do not outwardly appear to bode too well for them at present.

[James McLauchlan]

Outwardly it doesn’t appear that the acquisition of TS Marine Pty by champ Ventures (An Oz equity management company) will affect the day to day operations of TS Marine in Oz.

[Rons_ROV_Links]

Thanks for the reply James.

Just did a quick search…

The following is from the Sydney Morning Herald published Nov 24, 2009‎:

‘We liked it so much we bought the company’

The Perth-based management of Scottish-based oil and gas contractor TSMarine have been part of a $50 million buyout of the company’s local interests.

The local managers, along with their Singapore counterparts, have combined with private equity outfit Champ Ventures in an effort to turn around the fortunes of the Asia-Pacific arm of the Aberdeen-based business.

They hope to turn TSMarine’s Perth-based business from a $2.5 million annual turnover in 2006 to $160 million next year, on the back of contracts with the likes of Woodside, BHP Billiton, ConocoPhillips, Apache and Anzon Australia.

Chief executive John Edwards said the the company – which does everything from planning and drilling wells to decommissioning them, using two specialist ships – was now the only major business in its field that was Australian owned.

It had recently opened a Kuala Lumpur office, with Malaysia looking to develop its oil and gas fields.

Champ Ventures has invested more than $1 billion in various companies in the past 22 years, but the TSMarine deal is its first in the oil and gas sector.

It now owns a 90 per cent stake in the new entity, TSMarine Asia Pacific.

Managing director Su-Ming Wong said Champ hoped to have a "deeper involvement" in the sector in future.

"TSMarine’s achievements in this region. particularly in the area of well intervention are unique in the industry," he said.

The European and West African interests of TSMarine were also the subject of a management buyout in September.

And this is a Google-translation from Europapress.es about a spanish shipyard:

Astilleros de Huelva today warned about today’s meeting in Seville over the fate of the shipbuilding industry of Huelva and Seville, that the negotiations undertaken by the company are carried out exclusively with the financial institution that has supported the construction of two vessels by worth about 25 million euros, because the entity is the guarantor of the rights enjoyed by credit and not the owners.

Astilleros de Huelva sources to Europa Press reported that public demonstrations against the shipowner Scottish TS Marine, which he split the announced agreement on the financing of the construction of two ships at the shipyard from Huelva, the fact is that owners of both ships would not have participated in the negotiations, since the rights would have given credit to the financial institution that has endorsed both projects.

To this end, those sources said that it is precisely with this financial institution with whom Astilleros de Huelva has closed the above agreement, which allows an injection of nearly EUR 25 million for the construction of the ships in Huelva facilities. Thus, the company clarified that the above treatment is for negotiation between the guarantor of the projects, and the shipping industry, given that the owners would not have taken part in the absence of creditor rights.

The owner had reported to the Board and the company has no agreement with Astilleros de Huelva, according to Europa Press reported sources of bargaining, which stated that the meeting held today between the Board and company, it "has not shown that agreement on saying he had reached with the shipowner.

The same sources indicated that the owner has sent a formal letter to both Astilleros de Huelva and the Board to express his "surprise" by the statements of the company issued last week, in which shipyards announced a deal between the Scottish owner TS Marine and financial institutions to allow funding for both projects.

Last week, Huelva shipyard resumed construction of two vessels to support offshore oil rigs after an agreement was reached between the Scottish owner TS Marine and financial institutions to allow funding for both projects, according to Europa Press reported Huelva company sources.

CHANGES IN THE ROADMAP

In this regard, sources from Astilleros de Huelva Europa Press reported today that the company "have no record that the owner has changed his mind" so that, after stating that the negotiations have been conducted "with a different consulting to which had until then, "there is an agreement in principle with the financial institution that supports the two ships" which had to pass some guarantees for 25 million euros ".

"If you have changed your mind the shipowner, the shipyard is not aware," added the sources.

Also, these sources explained that the company within a meeting held today, have addressed the road map, where the company has set out the conditions that once already stated in writing, so that "it is agreed that the Innovation and Development Agency, IDEA, issue a new road map with some modifications, to be addressed and discussed in the board of Astilleros de Huelva to be held this week. "

[Rons_ROV_Links]

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New name of TSMarine is: Marine Subsea (UK) Ltd

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