SEACOR Marine Holdings Inc. (NYSE: SMHI) (SEACOR Marine), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, on Monday (Jul 06) announced that on June 30, 2020, a wholly-owned subsidiary of the Company completed the acquisition of the remaining 50% of equity interests in SEACOSCO Offshore LLC (SEACOSCO) that it did not already own from affiliates of COSCO SHIPPING GROUP (COSCO). SEACOR Marine will consolidate the operating results of SEACOSCO as a 100% owned subsidiary from and after the closing date.  

SEACOR Marine Completes Consolidation of SEACOSCO Joint Venture
Caption: PSV Seacosco Nile 

The acquisition further modernizes SEACOR Marine’s fleet through consolidating the Company’s ownership of eight Rolls-Royce designed platform supply vessels (“PSVs”).  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. 

In connection with the completion of the acquisition, SEACOR Marine and certain of its wholly-owned subsidiaries entered into an amendment to its $130 million loan facility with a syndicate of lenders administered by DNB Bank ASA, New York Branch, to modify the terms of the loan facility primarily to accommodate the SEACOSCO acquisition.

John Gellert, SEACOR Marine’s Chief Executive Officer, commented:

“We are pleased to complete this acquisition. I thank the COSCO SHIPPING GROUP for partnering with us more than two years ago to form the SEACOSCO joint venture and for their efforts in making this transaction a success.  I also thank our lenders, led by DNB Bank, for supporting us in this important transaction. We are excited by this next step in the growth of SEACOR Marine and we look forward to consolidating the operating results of the SEACOSCO vessels – the most fuel efficient and modern tonnage of the worldwide supply vessel fleet for the foreseeable future.”

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