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Seacor Marine buys out Cosco stake in PSV joint venture

Houston-headquartered OSV owner Seacor Marine Holdings has sealed an agreement with Cosco Shipping Group to acquire the Chinese company’s 50% stake in Seacosco Offshore.

The transaction is expected to close this month, and will give Seacor Marine 100% ownership of Seacosco which has a fleet of eight Rolls-Royce designed platform supply vessels. Seven of the vessels are 2018 or 2019 build, while one further vessel is set for delivery this year from CSHI Guandong.

Seacor is paying $28.15m to Cosco for the stake, and keep in place the existing deferred purchase agreements with the shipyard under which around $105m is currently outstanding.

John Gellert, CEO of Seacor Marine, commented: “We are grateful for the support of the Cosco Shipping Group. 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.

“Consolidating the operating results of the joint venture will be a net positive for Seacor Marine from closing of the transaction. Based on the current charters and forward charter commitments for the Seacosco vessels, we expect the vessels to generate approximately $7.0 million EBITDA for the balance of 2020 and approximately $18.5 million EBITDA in 2021, the first year all the vessels will be delivered and in our fleet for a full year, in each case subject to applicable charterer termination provisions.”

Seacor Marine currently owns a fleet of 58 vessels, according to VesselsValue, with a further four under construction.

 

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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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