What Became of the Toisa OSV Fleet?

Last month we discussed the Toisa OCV fleet, and this week we shall focus on the offshore supply vessels (OSV). Within the Toisa fleet, OSVs made up circa 73% of the overall fleet size and generated more than $40 million during a two-year sell off. What has become of these assets? Who owns them now? Have they been successfully repurposed, and if so, what contracts are they working on?

Toisa Coral
Toisa Coral (PSV Medium) (3,200 DWT, Feb 1999, Appledore) was purchased by Greek Krudo Technology for $870,000. The vessel was laid up, out of class. VV day before sale was $750,000.

Now renamed Sapfir, the vessel has recently been repositioned in Russia’s inland waters.

Toisa Intrepid
Toisa Intrepid (PSV Large) (4,700 DWT, Jun 1998, BAE Systems Surface Ships Govan) was purchased by Romanian GSP for $550,000. The vessel was laid up, out of class. VV day before sale was $1.08 million.

Now renamed GSP Altair, the vessel is currently working in the Sea of Marmara off the coast of Istanbul, providing supply duties for the GSP Saturn jack-up rig.

The GSP Altair providing supply duties for jack-up GSP Saturn in the Sea of Marmara (Image: VesselsValue)

Toisa Conqueror
Toisa Conqueror (PSV Medium) (3,200 DWT, May 2001, Appledore) was purchased by Spanish ship management company ACSM for $1.40 million. The vessel was laid up, out of class. VV day before sale was $780,000.

Now renamed Nautilus, the vessel and started working since April 2019 on environmental survey, power cable survey and burial jobs in the North Sea.

The Nautilus working on environmental survey, power cable survey and burial jobs in the North Sea (Image: VesselsValue)

Toisa Crest
Toisa Crest (PSV Medium) (3,200 DWT, May 1999, Appledore) was purchased by Greek subsea service provider Maritech for $750,000, the vessel was laid up, out of class. VV day before sale was $760,000.

The vessel is currently located in Port Elizabeth, South Africa.

Toisa Crest laid up in Port Elizabeth, South Africa (Image: VesselsValue)Toisa Invincible
Toisa Invincible (PSV Large) (4,700 DWT, Jul 1998, BAE Systems Surface Ships Govan). was purchased by American DP Acquisitions Inc for $500,000. The vessel was laid up, out of class. It has been discounted from the original price of $950,000 due to storm damage. VV day before sale was $1.08 mil.

The vessel is currently located in the Gulf of Elefsina, Athens.

Toisa Explorer, Toisa Envoy and Toisa Elan
Toisa Explorer, Toisa Envoy and Toisa Elan (AHTS Super Large) (18,767 BHP, 2013, Wuchang Shipbuilding Industry Group) were purchased by Singaporean Eastern Navigation for $6 million each. The vessels were laid up and out of class. These vessels were part of a four-ship deal, including the Toisa Wave, whereby the creditors required the buyer to take on all vessels for an aggregated price of $24 million.

The vessels have been renamed Ena Fortitute, Ena Frontier and Ena Future respectively. They have been repositioned to Singapore and are currently located in the owner’s yard, signalling speculative move on the buyer’s part.

The Ena Fortitute, Ena Frontier and Ena Future currently located at the Eastern Navigation shipyard in Singapore (Image: VesselsValue)

Toisa Independent
Toisa Independent (PSV Large) (4,400 DWT, Mar 2003, Appledore) was purchased by Danish A1 Offshore for $1.85 million. The vessel was laid up, out of class, and VV day before sale was $1.37 million.

Now renamed Master Express, the vessel has been repositioned to the North Sea. It is currently working on the Mermaid wind farm project, off Belgium.

Master Express working on the Mermaid wind farm project, off Belgium (Image: VesselsValue)

Toisa Vigilant
Toisa Vigilant (PSV Medium) (3,400 DWT, Dec 2005, Wuhu Xinlian Shipbuilding) was purchased by Swiss offshore surveying company GeoQuip Marine for $1.75 million. The vessel was laid up, out of class.

Now renamed GeoQuip Saentis, the vessel is currently working offshore Aberdeen on geotechnical operations.

Toisa Warrior and Toisa Voyager
Louis Dreyfus Armateurs bought two Toisa vessels during March 2019. The first was Toisa Warrior (PSV Large) (4,700 DWT, May 2011, Wuchang Shipbuilding Industry Group), purchased for $6 million. The vessel had been laid up and SS/DD due. VV day before sale was $8.84 million. The second was the Toisa Voyager (PSV Medium) (3,400 DWT, May 2006, Wuhu Xinlian Shipbuilding), purchased for $1 million. The vessel was laid up, out of class. VV day before sale was $1.82 million.

Toisa Warrior has been renamed the Ile D Ouessant and is undergoing maintenance in Dunkirk. Toisa Voyager has been renamed Wind of Pride and is currently on its way to Dunkirk.

Toisa Solitaire and Toisa Sonata
Toisa Solitaire and Toisa Sonata (PSV Large) (5,300 DWT, 2009, Wuchang Shipbuilding Industry Group), the latter now renamed the Pearl Ark, were purchased by Singaporean Amber Ship Management for $2 million each. The vessels were laid up, out of class. VV day before sale was $5.19 million and $5.36 million respectively.

Currently both vessels are in Batam awaiting delivery.

Toisa Defiant
Toisa Defiant (AHTS Large) (12,240 BHP, Aug 2006, Wuchang Shipbuilding Industry Group was purchased by Greek Offshore Services & Management Corp for $700,000. The vessel was laid up, out of class. Offshore Services & Management Corp was able to secure the vessel at a much lower price despite VV day before sale of $2.18 million.

The vessel is currently located in the Gulf of Elefsina off Athens.

Toisa Serenade
Toisa Serenade (PSV Large) (5,300 DWT, Sep 2008, Wuchang Shipbuilding Industry Group) was purchased by Turkish Karadeniz Holding for $750,000. The vessel was laid up, out of class. VV value day before sale was $4.84 million.

Now renamed Karadeniz Powership Turker Bey, the vessel has undergone special survey and is currently located in Karmarine Shipyard where it has passed special survey. Interestingly, the vessel was recently circulated for sale with an asking price of $6 million.

Toisa Daring & Toisa Dauntless
Toisa Daring and Toisa Dauntless (AHTS Large) (12,240 BHP, 2007, Wuchang Shipbuilding Industry Group) were purchased by Vietnamese Tan Cang Saigon for $1.25 million each. The vessels were laid up, out of class, and VV day before sale was $1.88 million and $1.92 million respectively.

Now renamed TC Queen and TC Pacific, these vessels are expected to be supporting port operations for the Saigon Newport Corporation.

TC Queen and TC Pacific idling in the ports of Saigon Newport Corporation in Vung Tau, Vietnam (Image: VesselsValue)