In order to gain the flexibility required to divest the vessel, the Company will acquire the remaining 75% equity ownership in OSI
SBM Offshore prepares for sale DSCV SBM Installer. (Credit: SBM Offshore)
SBM Offshore is the long-term charterer of the diving support and construction vessel (DSCV) SBM Installer under a contract ending in 2026. The Company has 25% equity ownership in the entity holding the vessel, OS Installer Limited (OSI). The vessel operates in a non-core market for the Company. In order to gain the flexibility required to divest the vessel, the Company will acquire the remaining 75% equity ownership in OSI. SBM Offshore and Ocean Yield entered into a Term Sheet with respect to this acquisition with a cash consideration of c. US$30 million. OSI’s existing debt facility will remain in place, subject to lender approval.
The transaction is expected to close around the end of the third quarter of this year and remains subject to final documentation and approvals.
Source: Company Press Release