June 29, 2007
SEACOR and Nabors in OSV venture
SEACOR Holdings Inc. (NYSE:CKH) and Nabors Industries Ltd. (NYSE:NBR) announced that they have entered into a letter of intent to form a new company to own and operate a fleet of twenty offshore support vessels currently owned by a Nabors affiliate.
A subsidiary of SEACOR will be the majority owner of the new company, Sea Mar Offshore LLC ("Sea Mar"), and will manage its 19 US flag and one foreign flag vessels. Nabors will be a minority owner of Sea Mar, which will qualify for U.S. coastwise trade.
Early termination of the waiting period under the "Hart-Scott-Rodino" Anti-Trust Improvement Act of 1976 was granted on June 20, 2007. The transaction is subject to definitive documentation and expected to close on or before July 13, 2007.
SEACOR is a global provider of marine support and transportation service, primarily to the energy and chemical industries. SEACOR and its subsidiaries provide customers with a full suite of marine-related services including offshore services, U.S. coastwise shipping, inland river services, helicopter services, environmental services, and offshore and harbor towing services. SEACOR is uniquely focused on providing highly responsive local service, combined with the highest safety standards, innovative technology, modern efficient equipment, and dedicated, professional employees.
The Nabors companies own and operate approximately 640 land drilling and approximately 795 land workover and well-servicing rigs in North America. Nabors' actively marketed offshore fleet consists of: 41 platform rigs, 14 jack-up units and 4 barge rigs in the United States and multiple international markets. Nabors markets 25 marine transportation and supply vessels, primarily in the U.S. Gulf of Mexico. In addition, Nabors manufactures top drives and drilling instrumentation systems and provides comprehensive oilfield hauling, engineering, civil construction, logistics and facilities maintenance, and project management services. Nabors participates in most of the significant oil, gas and geothermal markets in the world.