Offshore News – Finarge Armamento sold to Brazil in $94 million deal – August 2021

Finarge Armamento Genovese Srl was founded in 2008 as a subsidiary of the Italian company Finarge SRL, which was established in 1981 by Italy’s Rimorchiatori Riuniti S.p.A. was sold to Brazil offshore vessel operator CBO as agreed in August, 2021.

The total payment amounts to $94.4 million. As outlined in the investment agreement signed by CBO and Finarge SRL, the payment was divided into three parts. The first part includes a payment in cash, where a part was paid up to 13 September 2021 and the rest is due over the next 24 months. The second part entails the assumption of the existing debt in Finarge Apoio Marítimo.

To comply with the third part, CBO has approved the increase of its capital by issuing 7,762,856 new common, nominative, book- entry shares with no face value to enable Finarge SRL to become a shareholder. The new shares represent 5.60 per cent of the company’s share capital, which will be subscribed and paid in by Finarge SRL.

CBO will now add five more AHTS vessels to its fleet, including the vessel AH GIORGIO P built in 2008 , 73 metre long ocean terminal AHTS flagged in Brazil and four foreign-flagged AHTS vessels. These were the 2010 built AH VALLETTA –

Above images while leaving Marsaxlokk Harbour, Malta back to 5th October, 2016.

The 2014 built AH VARAZZE –

Above images while at offshore Malta back to 22nd December, 2014

The 2008 built AH LIGURIA –

Above images while entering Grand Harbour, Malta back to 4th July, 2019.

And the 2008 built AH CAMOGLI –

Above images while entering Grand Harbour, Malta back to 3rd November, 2008.

All vessels retain the same name and reflagged to Brazil.

Watermarked Photos are by Capt. Lawrence Dalli otherwise stated. NO PHOTOS can be used or manipulated without our permission. © All rights reserved. Malta Ship Photos & Action Photos –

Published – Friday 18th March, 2022.