New York-listed offshore vessel owner Seacor Marine Holdings has entered into a definitive agreement with the UK’s North Star Shipping to sell its North Sea standby safety business.
North Star will pay around £19.5m ($25.2m), with up to £4m in add ons based on revenue targets being achieved in 2020 and 2021.
According to its website, Seacor has a fleet of 19 emergency response and rescue vessels while North Star lists 25 ERRVs in its fleet.
John Gellert, CEO of Seacor Marine, commented, “I am pleased to announce this important transaction for the Company. This continues our strategy of reducing costs, optimizing regional footprint, and focusing our resources on core assets, regions and services with the highest potential for improved margins. The proceeds from the transaction will help us realize our goal of achieving profitability independent of a full market recovery in oil and gas services.
“We entered the ERRV Business in 2001 and it has been a positive contributor to our fleet mix and performance ever since. I thank all the employees working in the ERRV Business for their dedication and commitment to safety all these years and express confidence in their ability to build a class-leading ERRV business with North Star.”
The transaction is expected to close early December 2019.