Seacor Marine and CME Team Up to Buy UP Offshore
Seacor Marine has acquired Brazilian offshore support vessels provider UP Offshore through a new joint venture company with Proyectos Globales de Energía y Servicios CME.
UP Offshore has a fleet of 14 vessels, with 12 vessels located in Brazil and registered under the Brazilian flag. Four are designated as ROV support vessels.
The equity of UP Offshore was acquired for nominal consideration and its debt was refinanced with approximately $95 million of new indebtedness.
John Gellert, SEACOR Marine’s CEO, and Alfredo Miguel, president of CME and MEXMAR, in a joint statement, said: “We are pleased to expand our partnership and are excited to create a unique offshore services group with local presence in the major markets of Latin America.
“During the past seven years, we have grown MEXMAR to a fleet of 15 vessels, all documented and registered in Mexico, and through our new joint venture, we will now have a meaningful presence in Brazil. In acquiring UP Offshore, we were able to use our joint venture capital efficiently and plan to integrate a strong platform in Latin America into SEACOR Marine’s global network. The UP Offshore transaction demonstrates the benefit of lenders and operators working together.”