SEACOR Marine Holdings Inc. (NYSE:SMHI) (SEACOR Marine), a leading provider of marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide, today announced that a wholly-owned subsidiary of the Company entered into a definitive sale and purchase agreement (SPA) to sell its North Sea standby safety business (the “ERRV Business”) to North Star Holdco Limited (“North Star”), upon the terms and subject to the conditions set forth in the SPA. 

SEACOR Marine Announces Agreement to Sell North Sea Standby Safety Business

As consideration for the Sale, at the closing of the transaction, North Star will pay SEACOR Marine an aggregate purchase price equal to approximately £19.5 million (equivalent to approximately US$25.1 million based on the USD to GBP closing exchange rate on October 31, 2019), subject to adjustment for continued intercompany services provided and interest calculated from July 31, 2019.  Additional consideration of up to £4 million (equivalent to approximately US$5.2 million based on the same exchange rate) may be payable to SEACOR Marine based on revenue targets being achieved in 2020 and 2021. Subject to the satisfaction of the conditions to closing, the transaction is expected to close in early December 2019.

John Gellert, SEACOR Marine’s Chief Executive Officer, commented, “I am pleased to announce this important transaction for the Company.  This continues our strategy of reducing costs, optimizing regional footprint, and focusing our resources on core assets, regions and services with the highest potential for improved margins. The proceeds from the transaction will help us realize our goal of achieving profitability independent of a full market recovery in oil and gas services.

“We entered the ERRV Business in 2001 and it has been a positive contributor to our fleet mix and performance ever since. I thank all the employees working in the ERRV Business for their dedication and commitment to safety all these years and express confidence in their ability to build a class-leading ERRV business with North Star.”

A summary of the terms of the Sale will be filed in a Form 8-K, and a copy of the SPA will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for its quarter ended September 30, 2019.

SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm 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 workover 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.

Source: Seacor Marine