CM Energy Tech announced it entered into a memorandum of agreement on May 12 to acquire a diving support construction vessel from Well Target One O One. The transaction is valued at $110 million.
The Lichtenstein is currently leased from the seller to a CM Energy Tech subsidiary, which has subsequently sub-leased the asset to an independent third party.
CM Energy Tech confirmed that this existing time-charter arrangement will remain in effect after the ownership transfer is complete.
Ownership of the asset provides full autonomy over operations and chartering while strengthening core business competitiveness, according to the company. Funding for the purchase will be provided through a $100 million loan facility and internal resources.
CM Energy Tech highlighted that the 2017-built Lichtenstein has experience operating in various global regions and possesses complete oil company approvals. It added that the vessel can operate more efficiently in deeper waters compared to other diving support construction vessels.
Completion of the deal is subject to regulatory filings in China and approval from the Bahamas Maritime Authority. If the conditions are not satisfied by October 31, 2026, the memorandum of agreement will automatically lapse.
