SEACOR to acquire three PSVs from COSCO Shipping

(HOUSTON) — SEACOR Marine Holdings Inc. has entered into definitive agreements to acquire three platform supply vessels (PSVs) from COSCO Shipping Heavy Industry (Zhoushan) Co. Ltd., an affiliate of COSCO Shipping Group, the world’s largest shipowner.

Aggregate consideration for the vessels will be approximately $46 million, of which 30 percent will be paid in cash and 70 percent will be paid under a four-year deferred payment agreement between SEACOR Marine and COSCO Zhoushan. Half of the cash payment will be funded in the first quarter of 2019 with the balance per vessel to be paid upon physical delivery of each vessel. The parties currently expect the vessels to be delivered on Sept. 30, 2019, Jan. 30, 2020, and April 30, 2020.

“We are honored to build upon our relationship with the COSCO Shipping Group, which began last year with our SEACOSCO joint venture," said John Gellert, SEACOR Marine’s chief executive officer. "That initiative’s first two vessels are already operational in the North Sea and in Saudi Arabia. Those vessels have performed well since delivery in early 2018, and we look forward to welcoming these newly acquired vessels into our fleet over the next year.

"This is truly an exciting time for SEACOR Marine and its stakeholders as we continue to modernize our fleet through prudently structured transactions. In our core areas of U.S.-flag lift boats, aluminum hull fast support vessels, and now, foreign-flag, mid-size deepwater platform supply vessels, we will have one of the most modern and commercially viable fleets in the industry for many years to come,” he said.

The PSVs feature a Rolls-Royce UT771CDL design of 3,800 tons deadweight capacity with dynamic position class 2 and firefighting class 1 notations. They can accommodate a subsequent upgrade to a battery hybrid power solution. They will be registered in the Marshall Islands and be named M/V SEACOR Alps, SEACOR Andes, and SEACOR Atlas, respectively.

SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well work-over and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

By Professional Mariner Staff