Seacor announces JV with Avista Capital Partners
SEACOR Holdings Inc. (NYSE: CKH) ("SEACOR" or the "Company") on April 5 2014 announced it entered into a joint venture with Avista Capital Partners ("Avista"), a private equity firm specializing in investments primarily in growth oriented energy, healthcare, communications and media, industrial and consumer companies, the Company said in a press release.
Avista, through a wholly-owned subsidiary, invested approximately $150.0 million in cash for a non-controlling ownership interest in SEACOR subsidiaries operating a fleet of seven U.S.-flag Jones Act vessels (five owned and two leased-in) used for U.S. coastwise trade of crude oil, petroleum and specialty chemical products as well as a contract for the construction of three 50,000 DWT (deadweight tonnage) product tankers with National Steel and Shipbuilding Company ("NASSCO"), a wholly-owned subsidiary of General Dynamics Corporation, with expected deliveries in May 2016, October 2016 and March 2017. The vessels will continue to be managed and crewed by SEACOR subsidiaries pursuant to ship management and crew management agreements.
Oivind Lorentzen, Chief Executive Officer of SEACOR, stated, "Avista is a natural partner for SEACOR given its history with the Company and its extensive experience in the energy market." Mr. Lorentzen added, "This transaction ensures additional capital for new construction and positions the Company to order additional equipment as market opportunities develop."
About SEACOR
SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards, and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
