MercoPress. South Atlantic News Agency

Fortuna completes acquisition of Holyhead Towing Company Ltd

The Board of Fortuna Ltd are delighted to announce the acquisition of Holyhead Towing Company Ltd, as of 25th October 2024. Ownership of the Company is a further step toward growing Fortuna’s wider maritime-related interests.

Holyhead Towing has a long relationship with the Falkland Islands. They were instrumental in identifying the Concordia Bay and assisting with the subsequent adaptation. They were partners in the establishment of Workboat Services in 2002, remaining a substantial shareholder in the company until 2023. More recently, Holyhead Towing provided a vessel in support of the 2015/2016 hydrocarbons exploration campaign.

Holyhead Towing operate a fleet of modern and versatile vessels used in support of energy, marine civil engineering, dredging and renewable energy projects. The fleet includes ultra-shallow and shallow-draught anchor handling tugs, multicats, workboats and specialist transport vessels.

Holyhead Towing has a range of vessels in its fleet of 15 and is known for innovations in the sector, including having developed and built its own unique designs whilst anticipating the demands of developing markets. The Company works on large-scale projects world-wide, providing charterers with modern, crewed, multi-purpose vessels with a reputation for being tough and dependable and a track record for what they do that is ‘second to none’.

Established in 1966, Holyhead Towing is based on the Isle of Anglesey in North Wales but works throughout the world. Current or recent projects include those in the Arabian Gulf, Africa, Indian Ocean and throughout Europe.

James Wallace, Managing Director Fortuna Ltd, said:
“This is a significant acquisition for Fortuna which builds on our strengths as a company, helps further diversify our business, and provides exciting capabilities and opportunities for the Falklands in the future. Holyhead Towing is a strong company that we know well, with a clear plan for growth. We are very excited to be involved in the future of the Company, and I am delighted to welcome them into the Fortuna Group. I’d also like to take this opportunity to thank the teams at Pinsent Masons and Kreston Reeves for their invaluable assistance in progressing this acquisition”

James Burns, Managing Director Holyhead Towing Company Ltd, said:
“This is a great step forward for the Company, allowing us to chart a course toward an impressive future. Over the coming years, we will focus on strategic investments in our fleet, driven by our commitment to safety, quality, and innovation, all grounded in our extensive experience and deep understanding of our customers’ needs. We extend our gratitude to the board of Fortuna, as well as the crews, management, and customers of HT, for their patience and support throughout this process.”

Stewart Graves, Chairman of Holyhead Boatyard Ltd, said:
“This transaction marks the end of the Meade family’s ownership of Holyhead Towing after almost six decades. The business is passing into good hands with the Fortuna team, and the Meade family will remain active supporters of the Marine Services business in Holyhead which they retain. We appreciate the hard work of all concerned including our advisers Cavendish and DLA.
We wish Fortuna and the Holyhead Towing team the best of luck for a bright future in their development of the Company.”