SBM Offshore is the long-term charterer of the diving support and construction vessel (DSCV) SBM Installer under a contract ending in 2026. The Company has 25% equity ownership in the entity holding the vessel, OS Installer Limited (OSI).
The vessel operates in a non-core market for the Company.
In order to gain the flexibility required to divest the vessel, the Company will acquire the remaining 75% equity ownership in OSI. SBM Offshore and Ocean Yield entered into a Term Sheet with respect to this acquisition with a cash consideration of c. US$30 million. OSI’s existing debt facility will remain in place, subject to lender approval.
The transaction is expected to close around the end of the third quarter of this year and remains subject to final documentation and approvals.
The Company’s main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry over the full lifecycle. The Company is market leading in leased floating production systems, with multiple units currently in operation.
As of December 31, 2019, the Company employed approximately 4,450 people worldwide spread over offices in our key markets, operational shore bases and the offshore fleet of vessels.
SBM Offshore N.V. is a listed holding company headquartered in Amsterdam, the Netherlands. It holds direct and indirect interests in other companies.
Source: SBM Offshore