Norwegian Firm Sea1 Offshore Sells Offshore Subsea Construction Vessel

Norwegian offshore vessel operator Sea1 Offshore has recently announced the sale of one of its offshore subsea construction vessels (OSCV) as part of its fleet renewal program.

The company revealed that it has sold the 2014-built OSCV, named Sea1 Spearfish, to an unnamed independent third party. Currently, the vessel is under contract with marine seismic player PXGEO.

Sea1 stated that the remaining firm contract period with PXGEO is reflected in the sale price. Notably, a contract extension for the vessel was signed with PXGEO in late November last year, securing its services for another year starting in the first quarter of 2025.

The Norwegian firm also mentioned that the sale was conducted at market terms and is expected to result in a gain of approximately $40 million. The proceeds from the sale will be used to repay the existing debt of $39 million. The transaction is slated to close in May 2025.