LONDON (ShareCast) - Ocean Wilsons Holdings said its Brazilian subsidiary had secured money to build 12 new tugboats for its fleet.
The firm said its subsidiary, Saveiros Camuyrano Serviços Marítimos, had signed up for $135m of financing from Banco do Brasil (Sao Paolo: BBAS11.SA - news) .
The 12 tugboats, which are to be fitted with azimuth thrusters, will be built in Wilson Sons' shipyard and are expected to be delivered by the end of 2016.
"This is part of the company's strategy to increase and renew its fleet in order to meet the demand driven by growth in the oil and gas industry and international trade flow," the firm said.
The move would "ensure competitiveness in the expansion of our towage operations", it added.