US offshore vessel operator Seacor Marine has announced a stalking horse bid to form a joint venture with compatriot owner Montco Offshore.
The term sheet contemplates that Seacor Marine and Montco Offshore will jointly form and capitalise a new joint venture company, with Seacor Marine as the majority owner.
Montco is looking to consolidate thirteen liftboat vessels currently operated by a subsidiary of Seacor Marine, six liftboat vessels currently operated by Montco and two liftboat vessels currently operated by an existing joint venture between the two.
The venture would assume approximately $130m of indebtedness from Monto Offshore’s credit facilities.
Seacor Holdings spun off Seacor Marine this month. The OSV operator has been hoovering up much tonnage in the past couple of years as other OSV players have fallen by the wayside.