As consideration for the acquisition, Seacor Marine will issue 900,000 shares of its common stock in a private placement to Montco Offshore
US-based Seacor Marine has acquired the remaining 28% stake that it did not already own in liftboat firm Falcon Global from Montco Offshore.
Seacor Marine now owns 100% of Falcon Global, while Montco Offshore will be issued 900,000 Seacor shares via a private placement as payment for the stake.
The deal consolidates Seacor’s ownership of 14 liftboats with vessels
The acquisition, which was made through its subsidiary, consolidates Seacor’s ownership of 14 liftboats with vessels currently working in the US Gulf of Mexico, Mexico, and Saudi Arabia.
Liftboats offer a self-propelled, stable platform to perform support for wind farm installation and maintenance, and services to oil and gas platforms and structures, including platform construction, inspection, maintenance and removal, well intervention and work-over, well production enhancement, well plug and abandonment, pipeline installation and maintenance and diving operations.
Seacor Marine CEO John Gellert said: “We are pleased to complete this acquisition at the current price levels and expand our equity base during these challenging times.
“Consolidating our ownership of the liftboat fleet will allow us to manage the business with full flexibility going forward, which we believe will create value for our shareholders.”
Based in Houston, Seacor Marine offers global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide.
Along with its joint ventures, the company operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations.
The vessels also 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.