Norwegian investment bank Pareto Securities is teaming up with Remoy Shipping to buy a platform supply vessel sold out of the oil and gas sector for conversion into a yacht two years ago.

An upturn in rates in the North Sea sector and a shortage of vessels means the 5,400-dwt Crusader (built 2010) is being acquired for $19.1m in an off-market deal by a start-up called Norwegian PSV III, according to a document seen by TradeWinds.

The former Havila Crusader was sold by Havila Shipping in 2021 for around $7.5m