Cork-based shipping company Mainport has spent €38 million to acquire British supply vessel firm Havila Rescue. Mainport expects that the deal will lift its turnover to €80 million this year.

The company is making the acquisition through its subsidiary Ocean Mainport, which is a joint venture with Norwegian shipping firm Sartor. The deal will bring Ocean Mainport's North Sea-based fleet to 17 units.

These vessels service a number of long-term oil exploration contracts with companies such as Shell and Chevron.

David Ronayne, chief executive of Mainport, said the acquisition would allow the company to provide an enhanced service from its new harbour-side office in Aberdeen, Scotland.

"Ocean Mainport will generate a turnover of €50 million in year one through this new venture," said Mr Ronayne.

Mainport, established in 1957, is owned by the Ronayne family. The company has offices in Ireland, Scotland, South Africa, Norway and the Caspian Sea.

In the Caspian, the firm is bidding for new contracts with Italian oil giant, Agip and Italian offshore oil and gas construction group Saipem.

The new contracts would require 12 additional vessels and an investment of €50 million.

Mainport already provides tugs and barges to the two companies in the Kashagan oil field in the Caspian area.

"When fully developed, it is expected the field could yield more oil than the North Sea," said Mr Ronayne.

In its seismic support division, Mainport is examining further opportunities in India, where it has worked for the past two years. Mr Ronayne said the group is "actively considering" building customised vessels for the seismic research sector.

He said a team from Mainport is visiting shipyards in China, Korea and Singapore as part of this process.