SEACOR Marine expands its fleet with three FSVs
SEACOR Marine Holdings Inc. (NYSE: SMHI) (“SEACOR Marine” or the “Company”) has acquired three Fast Support Vessels (“FSVs”) in exchange for the private placement of 603,872 shares of its common stock to domestic U.S. holders affiliated with the McCall family of Louisiana, the Company said in a press release.
SEACOR Marine has operated the acquired vessels for the past ten years under a revenue sharing pooling agreement along with four of its owned FSVs of similar specification. As part of the transaction, this pooling agreement was terminated. This will eliminate a negative adjustment in recent years to SEACOR Marine’s revenue and Direct Vessel Profit (“DVP”) that resulted from allocations of revenue among the pool participants. In each of the past two years, this negative adjustment to SEACOR Marine’s revenue has been approximately $2.4 million per year, the majority of which resulted in a corresponding reduction in DVP.
With the addition of these three vessels, SEACOR Marine’s fleet of large FSVs (hull length greater than 190 ft./58 meters) now consists of 20 vessels. These vessels have an average age of approximately 5.9 years and all but three of the vessels are currently contracted. Of the contracted vessels, 14 are operating internationally and three domestically.
FSVs are aluminum hull vessels built for speed, transporting cargo and personnel at speeds up to 40 knots. SEACOR Marine is a worldwide market leader in this asset category, operating 41 FSVs at December 31, 2018 in the Gulf of Mexico, Latin America, West Africa, Mediterranean and the Middle and Far East. Six of the 41 FSVs are catamaran hull forms dedicated to passenger transport as a safe, efficient alternative to helicopters. SEACOR Marine pioneered the use of catamarans in oilfield service and currently transports approximately 30,000 passengers per month on its aluminum vessels worldwide.
SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.
