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August 6, 2019

Seacor buys remaining 49% stake in SEA-Vista JV

American marine services business Seacor Holdings has purchased the remaining 49% stake in SEA-Vista joint venture (JV) from Avista Capital Partners.

American marine services business Seacor Holdings has purchased the remaining 49% stake in SEA-Vista joint venture (JV) from Avista Capital Partners.

Seacor paid circa $106m in cash and 1.5 million shares of its own common stock to become the sole owner of SEA-Vista JV.

SEA-Vista manages its commercial operations under the brand name Seabulk. The JV manages a fleet of nine US-flag petroleum and chemical carriers in the Jones Act, including the SEA-Chem 1, a modern, chemical parcel Articulated Tug and Barge unit.

SEA-Vista registered $18.2m of operating income and $31.3m of OIBDA for the six months ended 30 June 2019.

Sea-Vista’s current revenue backlog stands at $268.1m and extends into 2026. SEA-Vista had $77.9m of debt and $18.8m of cash as of 30 June 2019.

Commenting on the deal,  chief operating officer of SEACOR Holdings Eric Fabrikant said: “We expect this transaction to be accretive to SEACOR’s earnings.

“We acquired a substantial backlog of contracted revenues and stable cash flows and increased ownership in SEA-Vista’s differentiated fleet of assets.

“Acquiring full ownership of SEA-Vista underpins our continued commitment to remaining a leader in the transportation and logistics industry.

“We appreciate the support of our former partner, Avista, during our new build programme and our shared mission to building a safer, more environmentally friendly, fleet of modern vessels,” he said.

Regarding the purchase, both Seacor and Avista Capital entered a registration rights agreement that grants the holders of the consideration shares certain demand and piggyback registration rights and a lock-up agreement.

The agreement restricts the seller to dispose of consideration shares for certain periods and imposes certain standstill obligations on the seller.

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