Otto Candies LLC, Des Allemands, La., on Thursday announced it has acquired the multipurpose support vessel (MPSV) fleet of Harvey Gulf International Marine, New Orleans.
The deal, which takes effect immediately, includes the 340'x73' Harvey Blue-Sea and Harvey Sub-Sea as well as the 302'x64' Harvey Deep-Sea and the 300'x64' Harvey Intervention. The four vessels were built by Eastern Shipbuilding Group Inc., Panama City, Fla., between 2012 and 2017.
Shane Guidry, chairman and CEO of Harvey Gulf, said the sale was initiated by Otto Candies, which paid "just under $500 million" for the four vessels. "They made an offer that we couldn’t refuse," Guidry told WorkBoat. "We felt that the offer was certainly in line with something that made sense to us, so we did it."
Otto Candies, III, CEO and chairman of the board of Otto Candies, told WorkBoat, "We capitalized on the opportunity to acquire what we consider to be quality assets that were available immediately, on outstanding contracts with clients that we already have good relationships with, at a price well below current replacement cost. These additions allow us to expand our offerings to our clients while providing the flexibility of a wide suite of Jones Act-qualified MPSV services."
The versatile DP2 vessels are used in support of inspection, repair, and maintenance; survey; and light construction work. "Each of these vessels brings proven subsea capability and operational versatility that align with our mission to deliver safe, reliable, and efficient marine services," the company said in a statement. "The addition of these vessels strengthens our ability to meet the highest standards of performance while expanding our service offerings in both traditional and emerging offshore markets."
"Our overall strategy is to pursue growth opportunities that make both strategic and economic sense wherever they are available within our areas of expertise, while always maintaining our reputation as providers of the highest quality services available in our industry," Candies told WorkBoat. "These acquisitions check all of those boxes for us."
Candies said the Subsea is currently operating in the offshore wind market based in Providence, R.I., while the Deep-Sea, Blue-Sea, and Intervention are supporting the oil and gas market out of Port Fourchon, La. He noted that the vessels are under contracts of varying durations, which are set to expire between the first quarter of 2027 and the first quarter of 2029.
"[Otto Candies is] getting some good contract backlog. They're the best boats in the Gulf," said Guidry. "They're the newest and most sought after. They can lower and lift the most. The two big ones sleep the most people. They're really good boats, and they do really good work out there."
Harvey Gulf, which lists 28 platform supply vessels and three crewboats on its website, said it remains focused on supporting the oil and gas industry.
