Ports giant buys firm that operates tugs at Hound Point marine terminal on Firth of Forth

A marine services business that owns a fleet of nine vessels operating throughout the east of Scotland has been acquired by the country’s biggest ports operator.

Surrounding the Valaris Gorilla VI from back left, clockwise, are: The Corringham (Targe); the Craigleith (Forth Estuary Towage); the Inchcolm (Forth Estuary Towage); and the Peterel (Targe). Picture: Theo Currie

Leith-headquartered Forth Ports has snapped up the entire share capital of Targe Towing, which is based in Montrose, for an undisclosed sum.

Targe owns a fleet of nine vessels, including five tugs, which operate in waters throughout the east of Scotland, as well as managing a further three tugs which operate at the Hound Point marine terminal on the Firth of Forth. Forth Ports’ fleet numbers ten, including four tugs.

Targe has worked closely with Forth Ports’ towage subsidiary, Forth Estuary Towage, for a number of years and the deal will allow bosses to “expand and take advantage of business opportunities” in the towage and marine services sector.

Targe’s day-to-day operations will remain the same, with both managing director Tom Woolley and operations director Nick Dorman continuing to lead the business. The Targe name will also be retained.

Alasdair Smith, Forth Ports’ senior marine commercial manager will join the Targe team in a senior position which will bring the combined commercial expertise of Forth Ports’ group businesses to deliver on its growth ambitions.

The integration process and close collaboration between Forth Estuary Towage and Targe as part of Forth Ports will be led by Stuart Wallace, the latter’s chief operating officer.

Charles Hammond, group chief executive of Forth Ports, said: “This is an important strategic move, establishing a commercial marine services business of scale. I am confident that, as part of Forth Ports, Targe will develop and grow at an even faster pace.”

Woolley added: “We have enjoyed a close working relationship with the Forth Ports team for years and it’s clear that there are opportunities that we can pursue together to further develop the business.”

Forth Ports and Targe have each made significant investments in their towage assets recently, with Forth Ports adding the Craigleith and Inchcolm tugs to its fleet while the Kittiwake and Peterel have joined Targe’s line-up.

Forth Ports owns and operates eight commercial ports in the UK – Tilbury on the Thames, Dundee on the Firth of Tay and six on the Firth of Forth – Leith, Grangemouth, Rosyth, Methil, Burntisland and Kirkcaldy.

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