SEACOR Marine gains full control of liftboat JV

As consideration for the acquisition, SEACOR Marine will issue 900,000 shares of its common stock in a private placement to Montco Offshore, Galliano, Louisiana.

The acquisition through a subsidiary consolidates SEACOR Marine’s ownership of 14 liftboats with vessels currently working in the US Gulf of Mexico, Mexico and Saudi Arabia.

Liftboats provide a self-propelled, stable platform to perform support for windfarm installation and maintenance, and services to oil and gas platforms and structures, including platform construction, inspection, maintenance and removal, well intervention and work-over, well production enhancement, well plug and abandonment, pipeline installation and maintenance and diving operations.

Liftboats are equipped with cranes, large clear deck areas and typically three legs that can be deployed to jack-up the vessel, supporting it on the seabed while performing construction and maintenance operations. Some of these self-elevating vessels have helidecks and dynamic positioning systems, with accommodation for more than 100.

The value of the transaction was not disclosed, but current SEACOR Marine share prices would put it in the range of less than US$4M. SEACOR Marine’s chief executive John Gellert said the company was pleased to “complete this acquisition at the current price levels and expand our equity base during these challenging times.” Mr Gellert added, “ Consolidating our ownership of the liftboat fleet will allow us to manage the business with full flexibility going forward, which we believe will create value for our shareholders.”

Shares of SEACOR Marine closed on the NYSE at US$3.73 on 20 March, down from US$4.53. A flood of new crude oil from Saudi Arabia, OPEC and Russia combined with the economic slowdown caused by the coronavirus pandemic continue to put downward pressure on global stock markets. Shares of SEACOR Marine began 2020 trading at US$13.79.