US court gives Seacor Marine green light for liftboat venture

A liftboat joint venture between Seacor Marine Holdings, Montco Offshore (MOI) and an affiliate of Montco has been formed after receiving court approval.

Under the terms of a joint venture contribution and formation agreement confirmed by the United States Bankruptcy Court in Houston, Seacor Marine and Montco will contribute liftboat vessels and other related assets, and also assume operating liabilities.

Under the deal, to be completed in February, Seacor Marine will hold at least 70 per cent equity and assume US$130 million of debt from Montco Offshore. The joint venture will also assume US$76 million of debt from Seacor Marine.

It would also consolidate the ownership and operation of 11 liftboat vessels operated by a Seacor Marine subsidiary, six liftboats operated by Montco and two liftboats operated by an existing joint venture between an affiliate of Montco and an affiliate of Seacor Marine.

Montco Offshore filed for protection under Chapter 11 of the US bankruptcy code in 2017.

Baird Maritime

The best maritime site on the web. The sea's our scene!