Tuesday 15 January 2019

SEACOR Marine Holdings Inc. announced the acquisition of three Fast Support Vessels (“FSVs”) in exchange for the private placement of 603,872 shares of its common stock to domestic U.S. holders affiliated with the McCall family of Louisiana.

SEACOR Marine has operated the acquired vessels for the past ten years under a revenue sharing pooling agreement along with four of its owned FSVs of similar specification. As part of the transaction, this pooling agreement was terminated. This will eliminate a negative adjustment in recent years to SEACOR Marine’s revenue and Direct Vessel Profit (“DVP”) that resulted from allocations of revenue among the pool participants. In each of the past two years, this negative adjustment to SEACOR Marine’s revenue has been approximately $2.4 million per year, the majority of which resulted in a corresponding reduction in DVP.

With the addition of these three vessels, SEACOR Marine’s fleet of large FSVs (hull length greater than 190 ft./58 meters) now consists of 20 vessels. These vessels have an average age of approximately 5.9 years and all but three of the vessels are currently contracted. Of the contracted vessels, 14 are operating internationally and three domestically.