NextGeo buys survey vessel for €6.7M, refit now on schedule

Italy-headquartered Next Geosolutions (NextGeo) has expanded its fleet with a 2010-built multi-purpose survey vessel (MPSV), which will after refitting be operational from the first quarter of 2025.

NextGeo purchased the vessel Sea Admiral from the Norwegian company Beitveit Holding, renamed to NG Explorer and set to be deployed for geophysical, geotechnical, environmental and UXO survey activities.

The 58-meter-long vessel, 14 meters wide, is equipped with a DP2 system and diesel-electric propulsion and will fly the Italian flag.

The purchase price is €6.75 million financed through the use of own resources. The vessel will undergo refitting, with an additional investment estimated between €3 million and €5 million.

With this acquisition, NextGeo said it brings the number of owned offshore vessels to four, including the Deep Helder which will be completed in January.

“In light of the growth of the company, the purchase of this new naval asset represents an important opportunity for the Group and is part of the growth projects aimed at expanding the owned fleet, with vessels that carry out specific activities pertaining to the NextGeo Group. The operation is part of the growth and development strategy that we declared during the IPO phase and allows us to expand the offer of our services on the market,” said Giovanni Ranieri, CEO of NextGeo.