SEACOR Marine orders two PSVs, exits AHTS vessel sector

Backed by a new credit facility, Houston-based SEACOR Marine announced it has ordered two 4,650-dwt battery-hybrid platform supply vessels (PSVs) and sold its anchor handling tug supply (AHTS) fleet.

Contracted at US$41.0M per vessel, each of the PSVs will have a clear deck area of 1,000 m² and be equipped with medium-speed diesel engines and an integrated battery energy storage system for “higher fuel efficiency and lower running costs”, said the US-based OSV owner.

The new senior secured term loan of up to US$391.0M, struck with an affiliate of EnTrust Global, consolidates SEACOR Marine’s debt capital structure into a single credit facility maturing in Q4 2029 and provides financing for the shipbuilding contracts.

SEACOR Marine chief executive John Gellert said, “The new financing also allows us to retain financial flexibility and support our growth initiatives by financing up to 50% of our order of two PSVs. This order comes at a competitive price point and with an attractive delivery schedule of Q4 2026 and Q1 2027 for each of the PSVs. These vessels expand and complement our PSV fleet as we implement our asset rotation strategy aimed at renewing our fleet with high-specification, environmentally efficient assets to replace older, lower-specification assets.”

Mr Gellert said this new construction programme will be partially funded with US$22.5M of proceeds from the sales of its last remaining AHTS vessels, “marking our exit from the AHTS asset class, effective January 2025.”

The two Marshall Island-flagged DP-2-class AHTS vessels, SEACOR 88 and SEACOR 888, were both built in 2013.