Forth Ports acquires Montrose-based marine services business

Surrounding the Valaris Gorilla VI from back left, clockwise, are: The Corringham (Targe); the Craigleith (Forth Estuary Towage); the Inchcolm (Forth Estuary Towage); and the Peterel (Targe). Pic credit Theo Currie.

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MONTROSE-based marine services business Targe Limited has been acquired by Forth Ports Limited.

Targe owns a fleet of nine vessels, including five tugs, which operate in waters throughout the East of Scotland, as well as managing a further three tugs which operate at the Hound Point marine terminal on the Firth of Forth.

Forth Ports’ fleet numbers 10, including four tugs.

The value of the deal has not been disclosed.

Targe has worked closely with Forth Ports’ towage subsidiary, Forth Estuary Towage, for a number of years and both companies believe the acquisition represents an opportunity to build on Targe’s reputation, to expand and take advantage of business opportunities in the towage and marine services area.

Targe’s day-to-day operations will remain the same, with both Tom Woolley, managing director, and Nick Dorman, operations director, continuing to lead the business, and the Targe name will be retained.

All 90 members of staff will remain in employment and transfer to Forth Ports.

Alasdair Smith, Forth Ports’ senior marine commercial manager, will join the Targe team in a senior position which will bring the combined commercial expertise of Forth Ports’ Group businesses to deliver on its growth ambitions.

The integration process and close collaboration between Forth Estuary Towage and Targe as part of Forth Ports will be led by Stuart Wallace, Forth Ports’ chief operating officer.

Charles Hammond, Forth Ports Group chief executive, said: “This is an important strategic move, establishing a commercial marine services business of scale. I am confident that, as part of Forth Ports, Targe will develop and grow at an even faster pace.”

Tom Woolley, Targe Towing managing director, said: “We have enjoyed a close working relationship with the Forth Ports team for years and it’s clear that there are opportunities that we can pursue together to further develop the business.”

 

 

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