Seacor-COSCO joint venture to acquire eight PSVs

Seacor Marine Holdings and COSCO Shipping Group have formed a joint venture that plans to acquire eight platform supply vessels (PSV).

The jointly owned Marshall Islands company SeaCosco Offshore has contracted eight Rolls-Royce-designed PSVs from COSCO Heavy Industry in China.

SeaCosco will take title to seven of the PSVs in 2018 and one in 2019. 

Thereafter, the shipyard will store the PSVs for six to 18 months.

Separately, SeaCosco has contracted Rolls-Royce Marine to outfit six of the PSVs with a battery energy storage system to reduce fuel consumption and enhance safety.

The $US161.1 million undertaking by SeaCosco will be 30 per cent funded with equity and 70 per cent with debt financing secured by the PSVs on a non-recourse basis to the equity owners. 

Seacor Marine’s total cash outlay is US$22.4 million, with US$20 million payable the first quarter of 2018 and the balance due over the next 14 months as the vessels and battery equipment are delivered.

Seacor Marine will be responsible for commercial, operational, and technical management of the vessels on a worldwide basis under a separate management agreement with SeaCosco.

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