In a move to cut costs and generate cash to support its core business, US-based OSV owner SEACOR Marine Holdings Inc has struck a deal to sell its North Sea standby safety business to UK-based North Star Holdco Limited for £19.5M (US$25.1M)
Based on revenue targets in 2020 and 2021, SEACOR Marine could receive an additional consideration of up to £4 million (US$5.2). The sale will close in December.
North Star Shipping already has a strong presence in the North Sea, with a fleet of 31 emergency response and rescue vessels (ERRVs) supported by about 70 fast rescue craft and 35 daughter craft.
SEACOR Marine has 19 ERRVs in its standby rescue fleet. ERRVs often serve multiple functions, but their primary mission is emergency evacuations of offshore installations. SEACOR Marine’s fleet vary in size to 61 m in length and are designed for North Sea operations, carrying rescue and recovery equipment onboard and have the ability to deploy fast rescue craft for emergency responses. SEACOR Marine entered the ERRV business in 2001.
SEACOR Marine chief executive John Gellert, said the move “continues our strategy of reducing costs, optimising regional footprint, and focusing our resources on core assets, regions and services with the highest potential for improved margins.”