Sea1 Offshore to Sell Offshore Construction Vessel Sea1 Spearfish
Sea1 Offshore, formerly known as Siem Offshore, has recently announced the signing of an agreement to sell the 2014-built offshore construction vessel (OSCV) Sea1 Spearfish to an independent third party. This transaction is a significant move for the company and is expected to have a positive impact on its financial standing.
The sale of the Sea1 Spearfish is being conducted on market terms and is projected to result in a gain of approximately $40 million for Sea1 Offshore. This demonstrates the vessel’s value and the attractiveness of the offshore construction market.
Currently, the Sea1 Spearfish is under contract with PXGEO, and the remaining firm contract period is taken into account in the sale price. This ensures a smooth transition for the new owner and maintains the vessel’s operational continuity.
As part of the sale agreement, the existing debt of $39 million associated with the Sea1 Spearfish will be repaid following the completion of the transaction. This will further strengthen Sea1 Offshore’s financial position and provide more flexibility for future investments and operations.
The transaction is subject to customary closing conditions and is anticipated to be finalized in May 2025. This timeline allows for the necessary due diligence and regulatory approvals to be obtained, ensuring a seamless transfer of ownership.
The Sea1 Spearfish is a state-of-the-art offshore construction vessel designed for various subsea operations, including construction, installation work, inspection, and maintenance tasks. Its advanced capabilities make it a valuable asset in the offshore energy industry and contribute to enhancing operational efficiency and safety.
Overall, the sale of the Sea1 Spearfish represents a strategic decision by Sea1 Offshore to optimize its fleet and focus on core business activities. By divesting non-core assets and realizing value from its investments, the company is positioning itself for future growth and success in the competitive offshore market.