TheUS-listed company said Thursday that it had entered into a letter of intent toacquire start-up Logitel Offshore Holdings.
Logitelwas set up by Sevan Marine deputy chairman Arne Smedal and in June 2013 acquiredtwo Sevan design cylindrical hulls that were laid up in China.
TheNorway-based company focuses on the high-end floating accommodation (FAU) marketand is already converting two units.
The vessels will eachhave a displacement of about 40,000 tonnes and capacity to accommodate 490persons.
TheFAUs are under construction at the COSCO (Nantong) Shipyard in China whereLogitel has options to order up to an additional six FAUs.
Thefirst committed FAU has secured a three-year fixed-rate charter contract, plusextension options, with Petrobrasand is due for delivery in early-2015.
TeekayOffshore said it expects to secure a charter contract for the second FAU priorto its scheduled delivery in late-2015.
“Theagreement with COSCO for the committed FAUs includes a favorable paymentschedule, with the majority of the purchase price due upon delivery,” TeekayOffshore said.
Thecompany intends to finance the Logitel acquisition and the initial newbuildingpayments through its existing liquidity and expects to secure long-term debtfinancing for the units prior to their scheduled deliveries.
TeekayOffshore said it expects the proposed acquisition to be finalized sometime inthe third quarter of 2014.
