COSCO withdrew its stake in Seacosco Offshore

Seacor Marine Holdings, the owner of the US Offshore Support Vessel (OSV), has reached an agreement with COSCO Shipping Group to acquire a 50% stake in COSCO Shipping Group's joint venture company Seacosco Offshore.
 
The deal is expected to close this month. After the deal, Seacor Marine will own the entire equity of Seacosco. The fleet of Seacosco has a total of 8 platform supply vessels (PSVs) designed with Rolls-Royce, of which 6 are UT 771WP and 4400 dwt, and the other 2 are UT 771CD and 3800 dwt
 
COSCO SHIPPING Heavy Industry has delivered seven PSVS in 2018 and 2019, including two UT 771CD and five UT 771WP PSVS, and one UT 771WP PSV is scheduled to be delivered later this year.
 
Seacor will pay COSCO SHIPPING USD 28.15 million to purchase shares and pay in cash.
 
COSCO SHIPPING will obtain the second lien mortgage of the ship to ensure payment of the deferred part of the purchase price.
 
According to the existing deferred purchase agreement signed with the shipyard (DPA), this batch of PSVs was acquired by all Seacosco's shipping subsidiaries (ie SPVs). At present, Seacosco has about US$105 million in payment for COSCO SHIPPING Heavy Industry.
 
Source:Sarah Yu, XINDE MARINE NEWS

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.