The Chouest Group and the founders of Horizon Maritime Services announced on Monday, October 26, the acquisition of the Canadian marine services provider from CFFI and its lender HPS.
The companies said the partnership will extend Chouest's operations across Canada's east coast, west coast and Arctic regions. It combines Horizon Maritime's Canadian operations and customer relationships with Chouest's shipping, underwater services and engineering capabilities.
Horizon Maritime will retain its existing management team. Co-founder Steve Widmeyer remains chief executive, and he and fellow co-founder Sean Leet will join the board of directors.
Leet said Chouest's assets and capabilities would help Horizon expand its services, "while increasing dual-use capacity at a key moment in time for our region and our country."
Horizon Maritime's fleet includes the anchor-handling tug supply vessel Horizon Arctic, the ice-classed platform supply vessel Horizon Dragon and Polar Prince, a medium-duty icebreaker. The company also operates three truckable tugs for utility and cargo needs in icy waters. The company runs a supply base in Mulgrave, Nova Scotia.
On the west coast, Horizon participates in ship-assist and escort towage through Kotug Canada, which recently placed the methanol-capable escort tugs SD Aisemaht and SD Qwiy Aanitsa Sarah into service.
CFFI Ventures entered proceedings under the Companies' Creditors Arrangement Act before the Supreme Court of Nova Scotia in March. Horizon Maritime was listed among the firm's non-filing affiliates covered by a limited stay.
In May, Chouest acquired Helix Energy Solutions' shallow-water abandonment business for $107.5 million.