MAY 5, 2014 — SEACOR Holdings Inc. (NYSE: CKH) says it has entered into a joint venture with private equity firm Avista Capital Partners.
Avista, through a wholly-owned subsidiary, has invested approximately $150.0 million in cash for a non-controlling ownership interest in SEACOR subsidiaries operating a fleet of seven U.S.-flag Jones Act vessels (five owned and two leased-in) and which have three 50,000 DWT Jones Act product tankers under contract at shipbuilder NASSCO for deliveries in May 2016, October 2016 and March 2017. The vessels will continue to be managed and crewed by SEACOR subsidiaries under ship management and crew management agreements.
Oivind Lorentzen, Chief Executive Officer of SEACOR, stated, "Avista is a natural partner for SEACOR given its history with the company and its extensive experience in the energy market."
Mr. Lorentzen added, "This transaction ensures additional capital for new construction and positions the company to order additional equipment as market opportunities develop."