Seacor Marine to acquire remaining stake in JV with COSCO Shipping

US-based Seacor Marine, through a wholly-owned subsidiary, has entered into a definitive sale and purchase agreement to acquire the remaining 50 per cent of the equity interests in SeaCosco Offshore that it did not already own from affiliates of China’s COSCO Shipping Group.

As a result of the purchase, Seacor Marine will own 100 per cent of SeaCosco. Subject to the satisfaction of the conditions to closing, the transaction is expected to close in June 2020.

The acquisition will also make Seacor the sole owner of eight Rolls-Royce-designed platform supply vessels (PSVs) built by COSCO Shipping Heavy Industry Guangdong.

The PSVs include two battery hybrid powered 3,800DWT vessels and six 4,400DWT vessels. The sixth 4,400DWT PSV is still under construction and is expected to be delivered later this year.

As consideration for the acquisition of the equity interests, Seacor will pay an aggregate purchase price of US$28.15 million to COSCO Shipping Group.