Next Geosolutions Acquires Multi-Purpose Survey Vessel for $7.1 Million
Marine geosciences and offshore construction support services firm Next Geosolutions has announced the acquisition of a multi-purpose survey vessel (MPSV) from Beitveit Holding for $7.1 million. The vessel, previously known as Sea Admiral, will be rebranded as NG EXPLORER and will serve various surveying purposes including geophysical, geotechnical, environmental, and UXO surveys.
Key Features of NG EXPLORER
The NG EXPLORER is a 58-meter long and 14-meter wide MPSV that was originally built in 2010. It is equipped with a Dynamic Positioning Class II (DP2) system and diesel-electric propulsion. The vessel will be flagged under Italy and is expected to commence operations in the first quarter of 2025. To further enhance its capabilities, the ship will undergo refitting work with an additional investment of up to $5.2 million.
Strategic Growth for Next Geosolutions
Giovanni Ranieri, CEO of NextGeo, highlighted the significance of this acquisition in the company’s growth strategy. He stated, “In light of the company’s growth, the acquisition of this new vessel asset represents an important opportunity for the group and is part of our plans to expand our owned fleet with vessels dedicated to specific activities within the NextGeo Group.”
Ranieri further added, “This transaction aligns with our growth and development objectives outlined during the IPO and enables us to broaden our service offerings in the market. With the addition of NG EXPLORER, our owned offshore vessel count now stands at four, including the upcoming acquisition of the vessel Deep Helder, scheduled for finalization in January 2025. This maintains a balanced approach between our owned and chartered fleet, reinforcing our asset-light business model.”
Final Thoughts
The acquisition of NG EXPLORER marks a significant milestone for Next Geosolutions, positioning the company for further expansion and diversification in the offshore surveying and construction sector. With a focus on enhancing operational efficiency and service capabilities, NextGeo is poised to deliver high-quality solutions to meet the evolving needs of the industry.