Angelicoussis Group Buys Altera's Shuttle Tanker Fleet

Greek shipping conglomerate Angelicoussis Group has purchased Altera Shuttle Tankers, a leading operator in the specialized business of lifting oil cargoes from offshore production platforms.

Altera owns and operates 18 shuttle tankers in Brazil, Canada and the North Sea, and the acquisition adds new high-value assets to Angelicoussis' diverse fleet of 144 ships (plus 23 more on order). The addition will make a combined shuttle tanker business that is among the largest in this small but technically demanding segment, the companies said in a statement.

"AST’s long-standing relationships and highly sophisticated fleet of tankers, combined with a common culture of excellence and commitment to a sustainable future, mean that together, AST and our Group are firmly positioned to offer best-in-class services to clients across the expanding shuttle tanker market," said Angelicoussis Group CEO Maria Angelicoussis. 

The acquisition is subject to regulatory approval, and both sides expect that process to be complete in the first half of next year. 

In February, Altera sold its offshore towing division to Dutch maritime conglomerate Boskalis. Altera's ALP Maritime had a fleet of eight anchor handlers, including four premium Japanese-built AHTS vessels with 300 tonnes of bollard pull.  

Altera retains a substantial fleet of FSOs and FPSOs, including both owned and operated platforms. It has also added a division focused on offshore carbon storage solutions, drawing on its experience in offshore oil and gas operations. Last month it secured a grant of about $240 million from the EU for its landmark Starfish CCS project, located about 50 nautical miles off Egersund, Norway. The project is expected to avoid 42 million tonnes of CO2-equivalent emissions.