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.