Institutional investors have agreed to buy Atlantic Towing’s offshore division from JD Irving, subject to Canadian regulatory approval.
The transaction is expected to close later in September 2026. The St. John’s, Newfoundland-based business will then be renamed Sterling Atlantic Offshore.
Sterling’s offshore support fleet will comprise five vessels - four platform supply vessels and an anchor-handling tug supply vessel. The transaction announcement says all five ships are employed under long-term contracts.
Following the ownership change, Sheldon Lace will lead Sterling and remain responsible for its offshore management team. The business will continue to meet offshore needs in Canadian waters and international markets.
“We are thrilled to have [investor adviser] JP Morgan GTG's deep maritime industry experience and transportation-asset focus, supporting the growth of Sterling Atlantic Offshore,” Lace said. “Sterling has a great foundation for the future and with J.P. Morgan’s backing, we will continue to meet the needs of our clients, with the highest service levels.”
The buyers are institutional investors advised by JP Morgan Asset Management’s Global Transportation Group (GTG). Andrian Dacy, global head of transportation at J.P. Morgan Asset Management, said the group would work with Lace and the local management team to develop the offshore business.
Dacy also referred to opportunities involving other Canadian-flag assets as they arise. The announcement did not identify additional transactions.
Atlantic Towing’s businesses involving tugs, barges and workboats are excluded from the sale. In addition to those operations, the company provides port and terminal towage, coastal and emergency towing, along with support for offshore oil and gas exploration and production.