Seacor Marine completes buy of remaining stake in SEACOSCO JV

July 7, 2020, by Bojan Lepic

U.S. offshore support vessel provider Seacor Marine has completed the acquisition of the remaining 50 per cent of the equity interests in SEACOSCO Offshore from COSCO Shipping.

SEACOSCO Congo, one of the vessels Seacor got through the acquisition; Source: Seacor

Seacor Marine said on Monday that it would consolidate the operating results of SEACOSCO as a 100 per cent owned subsidiary from and after the closing date.

Through the acquisition worth $28.15 million, Seacor took over ownership of eight Rolls-Royce designed platform supply vessels (PSVs).

SEACOSCO was formed in 2018 as a joint venture company between Seacor and COSCO. The company then immediately entered into contracts to buy eight Rolls-Royce designed construction PSVs from Cosco Shipping Heavy Industry shipyard.

The company added in the statement that the acquisition modernized Seacor Marine’s fleet through consolidating the company’s ownership of eight Rolls-Royce designed PSVs.

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 battery energy storage system which is, according to Seacor, designed to reduce fuel consumption and enhance the safety and redundancy of the vessels’ systems.

John Gellert, Seacor’s CEO, said: “We are excited by this next step in the growth of SEACOR Marine and we look forward to consolidating the operating results of the Seacosco vessels – the most fuel-efficient and modern tonnage of the worldwide supply vessel fleet for the foreseeable future”.

To remind, Seacor Marine entered into a definitive sale and purchase agreement for the SEACOSCO stake back in early June.

Seacor made a similar move in March when it bought the remaining 28 per cent of equity interests in Falcon Global Holdings (FGH), resulting in 100 per cent ownership.