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Seacor acquires full ownership of Seascosco Offshore from Cosco Shipping

Seacor Marine Holdings acquired the 50% equity interest in Seacosco Offshore it did not already own from Cosco Shipping Group at a cost of $28.15m

Upon the completion of the deal, Seacor Marine will own 100% of Seacosco.  

The acquisition will modernize Seacor’s fleet through consolidating its ownership of eight Rolls-Royce designed platform supply vessels (PSVs) from Cosco Shipping Heavy Industry (Guangdong), including six 4,400 dwt PSVs and two 3,800dwt PSVs. Seacosco has taken delivery of seven of the PSVs and expects to take delivery of the final one later this year.

The vessels are expected to generate approximately $7m EBITDA for the balance of 2020 and approximately $18.5m EBITDA in 2021.

“We are grateful for the support of the Cosco Shipping Group.  Their high-quality vessels have proven themselves in the marketplace and together, we outfitted the majority of the vessels with a hybrid battery system that delivers fuel savings and environmental benefits to our customers.  These vessels will be among the most fuel efficient and modern tonnage of the worldwide supply vessel fleet for the foreseeable future,” said John Gellert, ceo of Seacor Marine.

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