Chouest Reaches Deal to Buy Canadian Offshore Firm Horizon Maritime
The Louisiana-based offshore services company Chouest Group has reached a deal to buy Canadian operator Horizon Maritime, provider of OSV services to Eastern Canada's offshore oil sector and customers overseas.
The deal will keep Horizon's management team in place, ensuring continuity for clients and the retention of the company's culture and values, the firms said in a joint statement.
"We see immense value in Horizon's team, leadership and operational excellence. We look forward to working closely with Horizon's clients, building on their established reputation and growing the business," said Dino Chouest, the company's owner and CEO. "Combining Chouest's global fleet expertise and technology with Horizon's local footprint across Canada's vast coastlines opens up incredible growth potential."
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Horizon was founded in 2015 to serve markets in Eastern Canada and acquired quality tonnage on the secondhand market during the offshore downturn. Today, Horizon has three large vessels - the AHTS Horizon Arctic (currently in the North Sea), the PSV Horizon Dragon (presently off Angola) and medium duty icebreaker Polar Prince (last seen on AIS in Canada). The company also operates three small truckable tugs built for utility and cargo operations in icy waters. It also operates a ship-assist towage business in partnership with Kotug as Kotug Canada.
Chouest sees opportunities for expansion along Canada's East Coast, West Coast and remote Arctic reaches. It also wants to bring its full service portfolio into the Canadian market, including marine transportation, marine engineering, advanced technology and subsea services. "This is an opportunity to build on what we have created and take Horizon Maritime into its next phase of growth," said Horizon co-founder Sean Leet.
