Ship ahoy as solicitors assist Red7Marine to make a splash in renewable energy

An Essex law firm has been instrumental in assisting Great Yarmouth company Red7Marine Group purchase an offshore support vessel for the renewable energy and oil and gas industries worth £4.5 million.

Birkett Long LLP, one of the region’s largest full service solicitors, provided legal advice on the purchase of the DP Reel, which would have cost more than £30 million when new. The vessel is already in great demand and, only one week after its arrival began work on its first project.

Although the process of purchasing the vessel was completed in less than two months, there were a few complications that had to be overcome. Tracey Dickens, from Birkett Long, explains: “After assisting with the merger that resulted in the creation of the Red7Marine Group, it is fantastic seeing that company grow and to remain involved with its strategic purchases. There are various legal hoops to jump through to secure the transfer of ownership of a ship, which all had to take place in a relatively short timeframe, and which wasn’t straightforward as a consequence of needing the vessel to remain registered with its current ship’s registry at the time of completion. 

“As you would expect there were also specific conditions of the loan on the vessel to satisfy, before the money from Clydesdale Bank could be drawn down as well as ensuring that our client, Red7Marine Group, fulfilled its obligations under the tight deadlines imposed under the memorandum of agreement with the seller.”

Previously, Birkett Long has assisted in the company’s purchase of diving plant and equipment from Aquanos Limited and the purchase of a Damen Stan Tug 1205, now named Haven Supporter.

Nick Offord, Managing Director of Red7Marine, said: “The legal assistance from Birkett Long continues to be exemplary. We have always had a good working relationship with Tracey and her team who always provide an attentive service in which we have total confidence.

“The purchase of this vessel has enabled us to achieve our primary objective to own and operate a fully-mobilised UK-based offshore support vessel. Our intention is to continue raising standards in this industry and we are grateful to Birkett Long for supporting us in our aims.”

Red7Marine, which was created three years ago when Norfolk-based Anglian Marine Services merged with Haven Ports (Marine and Constructions Management), of Manningtree, Essex, saw turnover leap from £6m to £22m in the three years to 2010 with its workforce growing from 45 to 125.