Dutch SBM Offshore is preparing to sell the DSCV SBM Installer by acquiring the entire stake in a company holding the vessel, which is jointly owned with Ocean Yield.
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 equity ownership in the entity holding the vessel, OS Installer Limited (OSI).
OS Installer Limited is a joint venture (JV) owned 75 per cent by Ocean Yield and 25 per cent by SBM.
The vessel operates in a non-core market for SBM.
SBM explained on Monday that, in order to gain the flexibility required to divest the vessel, the company will acquire the remaining 75 per cent 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. $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.
The SBM Installer was built by Keppel Singmarine, Singapore, in 2013 and delivered in December 2014.