Beluga Partner to Invest Up to US$260 million

Beluga Shipping’s new U.S. partner will provide financing of up to US$260 million, the German heavy lift shipping company said.

Beluga last week unveiled Oaktree Capital Management as a new partner that would help finance its long-term growth and acquisition of a new generation of specialized heavy-lift vessels.

The Los Angeles-based private equity group will invest “close to approximately €200 million (US$260 million),” a Beluga spokesman said.

The companies did not say what stake Oaktree will acquire in privately-owned Beluga.

Beluga officials expect to place orders shortly for two P-3 multipurpose, heavy-lift project cargo vessels fitted with cranes capable of lifting up to 2,000 metric tons in tandem using on-board 1,000-ton cranes.

Beluga also plans to buy two cable-laying vessels and a couple of supply ships for the offshore wind farm sector.

The company will order offshore erector vessels that will load, transport and install offshore wind energy farms for its joint venture with German’s Hochtief Construction.

Accompanying photo of the Beluga Bremen courtesy Beluga Shipping