BSE Maritime Solutions completes acquisition of Cairns Slipways

by Denis Maher BSE on 1 Feb 2012 After 18 months in receivership, Cairns Slipways has been acquired by ship repair specialists BSE Maritime Solutions.

Receivers McGrath Nicol have confirmed that the sale transaction has been completed. BSE expects to formally commence managing the operations of Cairns Slipways in February, 2012.

The acquisition of Cairns Slipways adds significant resources to BSE’s existing ship repair business.

'Cairns Slipways is an important strategic fit to the planned growth of BSE Maritime Solutions' said BSE’s Business Development Manager Mr. Denis Maher.

'Cairns Slipways is a unique marine repair and refit facility with its 1,200 tonne slipway, 60 meter drydock, 300 metres of fit-out wharfage, refit sheds and skilled work force. We are excited about the opportunity to be involved with such a tremendous site'.

'The site has a number of challenges but the local support is very strong and we believe this is a crucial factor in ensuring the future success of the shipyard' said Mr. Maher.

'We are confident that with this facility and our experience the business can continue to set new standards in the repair and refit of luxury yachts, defence and commercial vessels for many years to come'.

Cairns Slipways, which employs a large skilled workforce, has continued to trade since it and the 16 companies that form the Provik Pty Ltd Group of Companies were placed in receivership on July 15, 2010. Since then, it has been business as usual for Cairns Slipways.

McGrathNicol have received widespread interest in the sale of the Cairns Slipways business and associated properties at Portsmith since the sale process commenced in October 2010. BSE was appointed preferred bidder in March 2011.

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