Seacor Marine Completes Seacosco Acquisition

The U.S.-based offshore support vessel company Seacor Marine has completed the acquisition of the remaining 50 percent stake in Seacosco from affiliates of China's Cosco Shipping Group.

Seacor Marine will consolidate the operating results of SEACOSCO as a 100% owned subsidiary from and after the closing date.  

With the completion of the acquisition, worth $28.15 million, Seacor has taken ownership of eight Rolls-Royce designed platform supply vessels.

"The acquisition further modernizes Seacor Marine’s fleet through consolidating the company’s ownership of eight Rolls-Royce designed platform supply vessels (“PSVs”).  

Six of the PSVs are of UT 771WP design, with 4,400 tons deadweight capacity, and two are of UT 771CD design, with 3,800 tons deadweight capacity.  Seacosco has taken delivery of seven of these PSVs, each with a 2018 or 2019 year of build, and expects to take delivery of the final UT 771WP design PSV later this year. 

"Each of the UT 771WP design PSVs is equipped with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels’ systems," Seacor Marine said.

John Gellert, SEACOR Marine’s Chief Executive Officer, said."We are pleased to complete this acquisition. I thank the COSCO SHIPPING GROUP for partnering with us more than two years ago to form the Seacosco joint venture and for their efforts in making this transaction a success.  I also thank our lenders, led by DNB Bank, for supporting us in this important transaction. We are excited by this next step in the growth of SEACOR Marine and we look forward to consolidating the operating results of the Seacosco vessels – the most fuel-efficient and modern tonnage of the worldwide supply vessel fleet for the foreseeable future.”

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