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SEACOR buys out minority partner in SEA-Vista

Written by Nick Blenkey
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SEACOR Holdings Inc. (NYSE:CKH) reports that it has become the sole owner of its consolidated SEA-Vista joint venture, acquiring through a subsidiary the 49% interest that had been owned by an affiliate of Avista Capital Partners. Purchase consideration consisted of $106 million in cash and 1,500,000 shares of the company’s common stock.

SEA-Vista operates commercially under the Seabulk name, with a fleet of nine U.S.-flag petroleum and chemical carriers in the Jones Act, including the SEA-Chem 1, a modern, highly capable chemical parcel Articulated Tug and Barge (ATB) unit .

Eric Fabrikant, Chief Operating Officer of SEACOR Holdings Inc., commented: “We expect this transaction to be accretive to SEACOR’s earnings. We acquired a substantial backlog of contracted revenues and stable cash flows and increased ownership in SEA-Vista’s differentiated fleet of assets.”

“Acquiring full ownership of SEA-Vista underpins our continued commitment to remaining a leader in the transportation and logistics industry. We appreciate the support of our former partner, Avista, during our newbuild program and our shared mission to building a safer, more environmentally friendly, fleet of modern vessels.”

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