SEACOR Marine Holdings, a provider of marine and support transportation services to offshore oil and gas exploration, announced the final formation of SEACOSCO Offshore LLC, a jointly owned Marshall Islands company with affiliates of COSCO SHIPPING GROUP.
SEACOSCO will also purchase eight Rolls-Royce designed new construction platform supply vessels (PSVs) from COSCO SHIPPING HEAVY INDUSTRY.
SEACOSCO is set to receive seven of the PSVs in 2018 and one in 2019. Thus, the Shipyard will store the PSVs at their facility for six to 18 months. The storage period can be shortened by mutual agreement.
Furthermore, SEACOSCO contracted with Rolls-Royce Marine AS to outfit six of the PSVs with a battery energy storage system aimed to reduce fuel consumption and improve the safety and redundancy of the vessels’ systems.
Aggregate total consideration for the eight PSVs, including the battery system, will reach $161.1 million. SEACOR Marine’s total cash outlay is approximately $22.4 million, with approximately $20.0 million to be paid in the first quarter of 2018 and the balance due over the next 14 months as vessels and the Rolls Royce battery equipment are delivered.
SEACOR Marine will be in charge of full commercial, operational and technical management of the vessels on a worldwide basis under a separate management agreement with SEACOSCO.
