Seacor Marine Acquires Three Cosco PSVs

The offshore marine support vessels operator Seacor Marine Holdings announced it has entered into definitive agreements to acquire three platform supply vessels (PSVs) from Cosco Shipping Heavy Industry, an affiliate of Cosco Shipping Group, the world’s largest ship owner.

Aggregate consideration for the vessels will be approximately $46 million, of which 30% will be paid in cash and 70% 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 September 30, 2019, January 30, 2020, and April 30, 2020.

John Gellert, Seacor  Marine’s Chief Executive Officer, said: “We are honored to build upon our relationship with the Cosco Shipping Group, which began last year with our SEACosco joint venture. 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 deep water platform supply vessels, we will have one of the most modern and commercially viable fleets in the industry for many years to come.”

The PSVs acquired are 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 the 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 windfarm facilities worldwide.