Seacor Marine takes full ownership in liftboat business
- Business & Finance
Seacor Marine, a provider of marine and support transportation services, has acquired the remaining 28% of the equity interests in Falcon Global Holdings (FGH) that it did not already own from Montco Offshore, resulting in 100% ownership of FGH by the company.
Seacor said on Friday that, as consideration for the acquisition, the company would issue 900,000 shares of its common stock in a private placement to Montco Offshore.
The acquisition consolidates the company’s ownership of 14 liftboats with vessels currently working in the U.S. Gulf of Mexico, Mexico, and Saudi Arabia.
Liftboats provide 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.
John Gellert, Seacor Marine’s Chief Executive Officer, commented “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.”