Seacor Marine Holdings is selling its crew transfer business in the European offshore wind power sector to Compagnie Maritime Belge (CMB).
The Belgian shipping group will take over Windcat Workboats and its 46 crew transfer vessels (CTVs) for $44.6m in cash, the two companies announced on Friday.
CMB will also absorb Windcat’s $27.8m debt in its existing revolving facility.
“The acquisition of Windcat fits into CMB’s strategy to diversify its business portfolio into the fast-growing offshore wind market and scale up the deployment of hydrogen ships and engines,” CMB chief executive Alexander Saverys said.
“CMB wants to grow Windcat’s business by building on its strong market-leading European platform whilst expanding into new European and non-European markets, diversifying into the owning and operation of construction service operation vessels and service operation vessels.”
Saverys, one of the most outspoken advocates for shipping decarbonisation, said his company plans to install hydrogen engines on board Windcat’s existing and newbuilding vessels.
Based in the UK and the Netherlands, Windcat has been jointly developing a hydrogen-powered CTV with CMB since last year.
The HydroCat, capable of transporting 24 crew members, is expected to begin operations for European energy company Vattenfall in June.
“The construction of hydrogen refuelling stations in dedicated Windcat ports will be investigated as well,” Saverys said.
Many shipping experts see hydrogen — which emits no CO2 in combustion — as a future fuel that can reduce greenhouse gas emissions from shipping, especially for shortsea trade.
“With the global challenges to reduce the carbon footprint, CMB and Windcat will continue the development of the fleet in order to make significant steps in providing clean fuel solutions to wind farm support vessels,” Windcat managing director Willem van der Wel said.
Seacor cuts costs
New York-listed Seacor has suffered from the offshore industry woes in recent quarters, with its net losses amounting to $40.1m in the first nine months of 2020.
“This sale represents another milestone in our strategy of optimising our regional footprint and reducing costs,” Seacor chief executive John Gellert said.
“The proceeds from this transaction will enhance our liquidity, further strengthen our position in a challenging environment and allow us to continue developing other opportunities in our core markets, including with our hybrid battery-powered platform supply vessels that we believe have significant potential.”
The Houston-based diversified marine services company first bought into Windcat in 2011. Since then, Windcat has become a wholly owned subsidiary of Seacor, expanded its fleet and currently employs 180 shore-based and seagoing personnel.
“I thank all the Windcat employees over the years for their exceptional work and dedication in building this business,” Gellert said. “I look forward to opportunities to work with them and the broader CMB team in the growing US offshore wind market.”
The sale is expected to be completed on 12 January.
