Intermarine Denies Reports of Sale

Intermarine Denies Reports of Sale

The owners of heavy-lift ocean carrier Intermarine denied reports Friday that the company is being sold to Bremen-based Beluga Shipping.

Adam Collins, CFO of New Mountain Capital, the New York-based private equity firm that is the majority owner of Intermarine, said the company has not been bought by Beluga, no offer has been made and there is no negotiation underway between the companies. "Intermarine is not for sale," Collins said. "It's an incredibly strong business with a great balance sheet."

Heavy-lift ocean carrier Beluga Shipping, Beluga investor private equity firm Oaktree Capital and Intermarine declined to comment on the rumors, which originated in the German press.

Beluga operates about 70 vessels and has several newbuildings on order. Intermarine, based in New Orleans, operates about 30 vessels, received one newbuilding in August and has three more coming. U.S. private equity firm Oaktree Capital reportedly has invested more than $130 million in Beluga, while New Mountain Capital bought a controlling interest in Intermarine for an undisclosed amount in 2008.

Beluga is a global project carrier operating on an inducement basis. Intermarine is also a global inducement carrier and specializes in north-south trade between the U.S. and Latin America.

-- Contact Janet Nodar at jcnodar@bellsouth.net.