Chouest Group, based in Louisiana, has announced an agreement to acquire Horizon Maritime. This Canadian company is recognized as a provider of marine fleet services to the oil industry in Eastern Canada as well as international clients.
Details of the Agreement
Dino Chouest, owner and CEO of Chouest Group, stated regarding this agreement: "We see great value in the team, leadership, and operational excellence of Horizon. We are eager to work closely with Horizon's customers and grow its business." The combination of Chouest's global fleet expertise and advanced technologies with Horizon's local presence on the vast coasts of Canada provides significant growth potential.
Background of Horizon Maritime
Horizon Maritime was established in 2015 and provides services to the Eastern Canadian markets. The company has acquired quality vessels from the second-hand market during the downturn in the oil industry. Currently, Horizon operates three large vessels, including the tugboat Horizon Arctic, which is currently active in the North Sea, the service vessel Horizon Dragon, which is currently located off the coast of Angola, and the medium icebreaker Polar Prince, which was last seen in Canada. The company also operates three small tugboats for transport and loading operations in icy waters and collaborates with Kotug as Kotug Canada to provide ship towing services.
Future Outlook
Chouest Group is seeking expansion opportunities on the eastern and western coasts of Canada and in remote Arctic regions. The company also aims to introduce its full range of services to the Canadian market, including marine transportation, marine engineering, advanced technology, and underwater services. Shan Leet, one of the founders of Horizon, stated: "This is an exceptional opportunity to expand what we have created and take Horizon Maritime to the next stage of growth."
