Seacor Holdings has become the sole owner of SEA-Vista after one of its subsidiaries acquired the 49% interest that had been owned by Avista Capital Partners.
Seacor paid $106m cash and 1.5m common shares for the stake, giving it full control of the company.
SEA-Vista operates commercially under the Seabulk name, and has a fleet of nine US-flagged Jones Act petroleum and chemical carriers.
Eric Fabrikant, COO of Seacor Holdings, commented: “We expect this transaction to be accretive to SEACOR’s earnings. We acquired a substantial backlog of contracted revenues and stable cash flows and increased ownership in SEA-Vista’s differentiated fleet of assets.” Mr. Fabrikant further stated that: “Acquiring full ownership of SEA-Vista underpins our continued commitment to remaining a leader in the transportation and logistics industry. We appreciate the support of our former partner, Avista, during our newbuild program and our shared mission to building a safer, more environmentally friendly, fleet of modern vessels.”