Dutch FPSO specialist SBM Offshore is preparing to sell a non-core offshore support vessel after buying out Ocean Yield's share in the ship.
SBM owns 25% of OS Installer (OSI), the joint venture that controls the 111-loa diving support and construction vessel SBM Installer (built 2013).
It is paying $30m in cash to Norway's Ocean Yield for its 75% holding in the venture.
The majority holding was sold to Ocean Yield in 2014 by SBM for $150m, with a charter back to the Dutch operator on a fixed rate until December 2026.
"The vessel operates in a non-core market for the company," SBM said.
"In order to gain the flexibility required to divest the vessel, the company will acquire the remaining 75% equity ownership in OSI."
Debt to stay in place
OSI’s existing debt facility will remain in place, subject to lender approval, the Dutch company said.
The transaction is expected to close around the end of the third quarter.
Ocean Yield said the deal would have no significant profit and loss effects in the third quarter.
The Norwegian company continues to own offshore ships chartered to companies including Akastor, Aker BP and Solstad Offshore.
It is to retain a holding in restructuring Solstad as part of the latter's $2bn refinancing deal.
The sale-and-leaseback specialist will receive about 3.8% of Solstad shares.
This is due to a restructuring of bareboat charters for two anchor handling tug supply ships owned by Ocean Yield.
The 21,454-hp Far Senator and 21,457-hp Far Statesman (both built 2013) were the subject of a redrawn charter agreement in May.
