Nimrod Sea Assets Buys DSV Alliance for $10.6 Mln

Nimrod Sea Assets has completed its third acquisition by investing $10.6 million in a 99.5% stake in DSV Alliance DIS which has purchased the Seamec Alliance and will be renamed Red7Alliance.

Red 7 Alliance, a dive support vessel, will be back-to-back bareboat chartered to Red7Marine Group, a provider of equipment and services to the offshore, inland and coastal marine construction and maintenance markets, both in the UK and overseas.

In the offshore market Red7Marine Group owns and operates DP2 dive construction and inspection support vessels, ROV’s and specialist excavation tools.

The vessel was built in 1984 and has worked the majority of its life in the North Sea.

It is intended the vessel will enter the North Sea saturation diving market for a portion of the working year.

Red7Alliance‎ ‎will mobilise from Cyprus to Great Yarmouth where she will start work immediately for Red7Marine.‎ Bi-annual dividend payments from the investment are forecast to begin 6 months after the completion date.

Press Release, October 16, 2014