SBM Offshore buys DSCV stake from Ocean Yield

Floating storage specialist SBM Offshore has forked out $30m to Ocean Yield to take full ownership of 2013-built diving support and construction vessel SBM Installer in order to sell it.

The vessel is under joint venture OS Installer, owned 75% by Norway’s Ocean Yield and 25% by SBM, and employed on a long-term charter to SBM through to 2026. When the joint venture was set up in 2014, SBM sold the vessel into the JV for $150m.

SBM Offshore said the vessel operates in a non-core market, and so it bought the Ocean Yield stake to give it the flexibility to sell it.

The transaction is expected to close by the end of September.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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