Chouest Group, headquartered in Louisiana, has acquired Horizon Maritime, thereby expanding its operations in marine and offshore services in Canada. This deal, announced on Monday, allows Chouest to combine its global marine support fleet, underwater capabilities, shipbuilding operations, and marine technology with the operations and expertise of Horizon Maritime, which has experience in marine services under challenging conditions.
Details of the Acquisition and Its Benefits
Horizon Maritime, based in St. John's, Newfoundland and Labrador, was purchased from CFFI and its lender HPS. This transaction was made through a strategic partnership with the founders of the company, and the financial details have not been publicly disclosed. This acquisition helps Chouest to have a stronger presence in the offshore energy sector, the Arctic, and other marine sectors in Canada, while Horizon gains access to a larger fleet and a wider range of specialized services.
Opportunities and Challenges
Dino Chouest stated, "We are pleased to welcome Horizon Maritime to the Chouest Group. We place great value on the team, leadership, and operational excellence of Horizon." He added that combining Chouest's global fleet experience with Horizon's local base along the vast Canadian coast presents tremendous growth potential in Eastern, Western, and Arctic Canada.
Horizon Maritime specializes in marine operations in challenging environments and has experience supporting offshore energy projects, polar operations, and other specialized marine activities. The company has also established relationships with Indigenous communities and organizations across Canada. According to the companies, this agreement ensures the continuity of services to existing customers, projects, and employee operations while opening new doors for broader services across the country.
This deal comes at a time when Canada is looking to strengthen its maritime capabilities, especially in the Arctic. This region is undergoing transformation due to commercial activities, infrastructure development, and national security interests. Leet remarked, "This is an opportunity to develop what we have built and take Horizon Maritime to the next level of growth."
He also emphasized that the Chouest Group possesses significant marine expertise, assets, and capabilities that will help Horizon Maritime expand its services and provide greater support to its valued customers.
The Chouest Group, as a privately held family company engaged in the ownership and operation of offshore vessels, shipbuilding, underwater services, specialized engineering, and advanced technology production, is expanding its scope of operations. Meanwhile, Horizon Maritime, through this combination, gains access to Chouest's global resources while maintaining its Canadian management and existing customer relationships.
Read more: Russian Tankers Trapped in the Vilkitsky Strait · K Line Links to Two New LNG Tankers at Samsung
