Otto Candies has secured a $450m loan to support its fleet growth and strengthen its position in the Jones Act and offshore support markets, following its recent purchase of four large multipurpose support vessels (MPSVs) from Harvey Gulf.
The Louisiana-based operator closed the financing with Beal Bank USA, giving it the balance-sheet capacity to refinance existing debt and fund the newly acquired subsea and construction support tonnage. The deal ranks among the largest offshore support vessel financing moves seen in the US Gulf in recent years.
CEO Otto Candies III said the loan was critical in allowing the company to move quickly on the acquisition. “This marks a major milestone for us,” he said. “Having clear, committed financing on a tight timeline made all the difference.”
The four MPSVs — Harvey Blue-Sea, Harvey Sub-Sea, Harvey Deep-Sea, and Harvey Intervention — were built between 2012 and 2017 and give Otto Candies a significant lift in subsea, IMR and construction support capability. The vessels join a diversified fleet of 16 units spanning supply, service operation, dive support and barge segments.
Andy Longhurst, head of shipping at CSG Investments, which arranged the facility for Beal Bank, said the acquisition strengthens an established US operator at a time when demand is rising across both oil and gas and emerging offshore wind work in the Gulf.
