New York-listed Seacor Marine has taken over Chinese partner Cosco's share in their offshore vessel joint venture.
The US company has bought the 50% in Seacosco Offshore that it did not own from the state-controlled shipping giant, for a price of $28.15m in cash.
Seacor said the deal further modernises its fleet through consolidating ownership of eight Rolls-Royce-designed platform supply vessels (PSVs).
They have been delivered from Cosco Shipping Heavy Industry in Guangdong from 2018.
Six of these are 4,400 dwt and two are 3,800 dwt.
The final ship is due later this year.
The six larger units come with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels’ systems.
The last instalment of $13.7m for SeaCosco is payable to Cosco four years after the deal is finalised.
This accrues interest at 6% per year and Cosco will obtain a second lien mortgage on the vessels to secure the payment.
SeaCosco has $105m outstanding to the Chinese yard.
10-year deal with yard
The contracts provide for amortisation of the purchase price for each vessel over a period of 10 years from delivery at a floating interest rate of three-month Libor plus 4%.
John Gellert, Seacor Marine’s chief executive officer, said: "We are grateful for the support of the Cosco Shipping Group.
"Their high-quality vessels have proven themselves in the marketplace and together, we outfitted the majority of the vessels with a hybrid battery system that delivers fuel savings and environmental benefits to our customers."
He added: "These vessels will be among the most fuel efficient and modern tonnage of the worldwide supply vessel fleet for the foreseeable future."
Based on current and forward charter commitments, Seacor estimates $7m in Ebitda from the ships in 2020 and $18.5m in 2021.
