Posted on September 14, 2026
By David Foxwell
The St John’s, Newfoundland-headquartered company provides a range of services in Canadian waters and beyond, and operates four platform supply vessels and an anchor-handling tug supply vessel, all of which are on long-term contract. Other segments of the business not included in the sale include tugs, barges and workboats.
The deal to acquire Atlantic Towing’s offshore division, which will be renamed Sterling Atlantic Offshore, is subject to Canadian regulatory approval and is expected to close later in September 2026. The business unit’s offshore management team, led by Sheldon Lace, will lead Sterling going forward.
Mr Lace said, “We are delighted to have JP Morgan GTG’s deep maritime industry experience and transportation-asset focus supporting the growth of Sterling Atlantic Offshore. Sterling has a great foundation for the future and with JP Morgan’s backing, we will continue to meet the needs of our clients, with the highest service levels.”
JP Morgan Asset Management global head of transportation Andrian Dacy said, “We look forward to working with Sheldon and the management team at Sterling in further developing its offshore business and being involved in broader Canadian flag opportunities, as they arise. We are highly confident in the future growth opportunities for Sterling under its local leadership team.”
“After more than 25 years, our team has built an excellent reputation in the offshore industry. We are proud of their dedication and professionalism,” said Jim Irving, JD Irving chief executive. “We know that JP Morgan GTG brings great credibility in the marine industry, and the team will be well positioned into the future.”
