‘Siberian’ hoverbarge sold by advisers

YORKSHIRE advisers have been involved in one of their more unusual deals – helping to offload a hoverbarge that can be used in temperatures as low as minus 40 degrees Celsius.

Business turnaround and insolvency specialist Wilson Field took on the challenge, advised by hlw Keeble Hawson Solicitors, both based in Sheffield.

The 45m long hoverbarge can carry 200 tonne loads across water, ice and mud.

A US-based purchaser was found for the hoverbarge – named ‘Siberian’ – as part of the assets of UK-based Hovertrans which went into administration when Russian oil company Rosneft, for which the barge was designed, terminated its contract.

Neil Kelly, associate at hlw Keeble Hawson, said: “This was probably one of the most unusual cases we’ve worked on. It’s not every day that we’re involved in seeking a buyer for a bespoke hoverbarge designed to transport sections of an oil rig in sub-zero temperatures.

“It’s a specialist market but the combination of expertise and tenacity from all involved resulted in a positive outcome in the end.”

The steel barge has been moored in Glasgow while a suitable buyer was located. Potential purchasers included companies working in the oil industry, Chinese, Norwegian and Dutch manufacturing companies and African traders.

It is anticipated the new owner, Katmandu Incorporated, will use the barge for a project to run outside the UK mainland or rent it out to interested parties.

Matt Cluer, insolvency administrator at Wilson Field, added: “Our job was to identify suitable companies to buy the barge and instruct the agents to sell the vessel. It was an extremely niche market but working within the shipping industry has been a new area for us to explore. We worked very closely with hlw Keeble Hawson on this project and liaised with agents on the marketing and selling of the barge.

“We are delighted as a result of this deal the Siberian has a new future.”