Florida-based marine services company Seacor Holdings informed that its SEA-Vista subsidiary has reached an agreement to sell one of its ECO-Class tankers.
Under the deal, the undisclosed vessel would be sold for USD 135 million. In conjunction with the transaction, which is expected to close before year end, SEA-Vista will lease the vessel from the purchaser and simultaneously bareboat the vessel to an oil major for the duration of the lease.
Seacor Holdings, which owns 51% of SEA-Vista, said that sale proceeds will be used to pay down SEA-Vista’s outstanding term loans and revolver, after which the company will have some USD 130 million of debt outstanding.
SEA-Vista’s debt is non-recourse to Seacor and included in Seacor’s consolidated financial statements.
Through the first half of 2018, approximately 88% of SEA-Vista’s available service days are contracted, and as of December 31, 2017, SEA-Vista will have a revenue backlog of USD 452 million consisting of a combination of time-charter and bareboat contract revenues that extend over 9 years.