Seacor takes full control of tanker joint venture

Seacor takes full control of tanker joint venture

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.”

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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