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Seacor Marine Takes Full Ownership of Seacosco

A Seacosco vessel - Image by Rutger Hofma/AdobeStock

U.S. offshore vessel provider Seacor Marine will buy the remaining 50% stake in Seacosco from China's Cosco.

Seacor will pay $28.15 million in installments, and the transaction is expected to close in June 2020.

With the acquisition, Seacor will take ownership of eight Rolls-Royce designed platform supply vessels from COSCO Shipping Heavy Industry (Guangdong) Co., Ltd.

Six of the PSVs are of UT 771WP design, with 4,400 tons deadweight capacity, and two are of UT 771CD design, with 3,800 tons deadweight capacity.

Seacosco has taken delivery of seven of these PSVs, each with a 2018 or 2019 year of build, and expects to take delivery of the final UT 771WP design PSV later this year.

"Each of the UT 771WP design PSVs is equipped with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels' systems," Seacor Marine said.

John Gellert, SEACOR Marine's Chief Executive Officer, said, "We are grateful for the support of the COSCO SHIPPING GROUP. Their high-quality vessels have proven themselves in the marketplace and together, we outfitted the majority of the vessels with a hybrid battery system that delivers fuel savings and environmental benefits to our customers. These vessels will be among the most fuel-efficient and modern tonnage of the worldwide supply vessel fleet for the foreseeable future.

"Consolidating the operating results of the joint venture will be a net positive for Seacor Marine from closing of the transaction. Based on the current charters and forward charter commitments for the SEACOSCO vessels, we expect the vessels to generate approximately $7 million EBITDA for the balance of 2020 and approximately $18.5 million EBITDA in 2021, the first year all the vessels will be delivered and in our fleet for a full year, in each case subject to applicable charterer termination provisions."

Jun 5, 2020

 

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