Sea1 selling 11-year-old subsea construction vessel as part of fleet renewal

Norwegian vessel operator Sea1 Offshore, formerly known as Siem Offshore, is selling its 11-year-old offshore subsea construction vessel (OSCV) as part of its fleet renewal program.

Sea1 Offshore has signed an agreement to sell the 2014-built OSCV Sea1 Spearfish, currently on contract with PXGEO, to “an independent third party”.

According to the company, the remaining firm contract period is reflected in the sale price.

The sale, done on market terms, will result in a gain of approximately $40 million, with the existing debt of $39 million to be repaid following the transaction.

Subject to customary closing conditions, the transaction is expected to close in May.

Sea1 Spearfish is designed for subsea operation duties such as construction and installation work, inspection and maintenance. The 120.80-meter-long vessel is of STX OSCV 03 design and can accommodate 110 persons.

Sea1 currently has an order placed with Chinese shipyard Cosco Shipping for four next-generation offshore energy support vessels (OESVs). The first two were ordered at the end of 2024, with the following pair ordered last month.

In terms of other news related to Sea1 vessels, a total of 11 units will transfer to Aurora Offshore as part of the companies’ collaboration. The first two vessels, anchor handling tug supply (AHTS) vessels Siem Pearl and Siem Challenger, were delivered to Aurora in January, followed by the takeover of the first high-end subsea vessel Siem Stingray.

The second of three high-end subsea vessels joined Aurora’s fleet earlier this month when the takeover of Siem Day was completed at Las Palmas.