SEACOR buys out COSCO to take full control of eight ultra-modern PSVs

Written by Nick Blenkey
image description

Battery energy storage system equipped SEACOSCO Parana is one of eight ultra modern PSVs to come under full SEACOR Marine control. [Image: SEACOR Marine]

Houston-headquartered SEACOR Marine Holdings Inc. (NYSE: SMHI) reports that it has entered into a definitive sale and purchase agreement to acquire the remaining 50% of the equity interests in SEACOSCO Offshore LLC, its joint venture with China’s COSCO Shipping Group.

As a result of the purchase, SEACOR Marine will own 100% of SEACOSCO, consolidating its ownership of eight Rolls-Royce designed platform supply vessels built by the COSCO Shipping Heavy Industry (Guangdong) Co., Ltd. shipyard.

SEACOR Marine is paying $28.15 million to buy out its joint venture partner, but the vessels ere acquired under a deferred purchase agreements with the shipyard under which approximately $105 million is currently outstanding.

Six of the PSVs are of UT 771WP design, with 4,400 tons deadweight capacity, and two are of UT 771CD design, with 3,800 tons deadweight capacity.

SEACOSCO has taken delivery of seven of these PSVs, each with a 2018 or 2019 year of build, and expects to take delivery of the final UT 771WP design PSV later this year.

Each of the UT 771WP design PSVs is equipped with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels’ systems.

“We are grateful for the support of the COSCO Shipping Group,” said SEACOR Marine CEO John Gellert. “Their high-quality vessels have proven themselves in the marketplace and together, we outfitted the majority of the vessels with a hybrid battery system that delivers fuel savings and environmental benefits to our customers. These vessels will be among the most fuel efficient and modern tonnage of the worldwide supply vessel fleet for the foreseeable future.”

More on the deal HERE

Six UT 771WP PSVs in deal are equipped with a state-of-the-art battery energy storage system. [Image: SEACOR Marine]
Categories: News, Offshore, Oil & Gas Tags: , ,