Seacor-Montco liftboat JV goes live
Monday, Feb 12, 2018

SEACOR Marine Holdings Inc. has announced that the formation and capitalisation of a new joint venture company (the “Joint Venture”) by SEACOR Marine and Montco Offshore, LLC (“MOI”) was consummated on February 8, 2018.

In accordance with the terms of a Joint Venture Contribution and Formation Agreement, SEACOR Marine and MOI contributed certain liftboat vessels and other related assets to the Joint Venture, and the Joint Venture assumed certain operating liabilities and indebtedness associated with the liftboat vessels and related assets. The Joint Venture consolidates the ownership and operation of eleven liftboat vessels previously operated by a wholly-owned subsidiary of SEACOR Marine, six liftboat vessels previously operated by MOI, and two liftboat vessels previously operated by a previously existing joint venture between an affiliate of MOI and an affiliate of SEACOR Marine. The Joint Venture assumed approximately $131 million of indebtedness from MOI’s pre-petition facilities which, apart from a guarantee of interest payments for two years after the closing of the transactions, is non-recourse to SEACOR Marine. SEACOR Marine holds approximately 72% of all equity interests in the Joint Venture, and is entitled to appoint a majority of the board of managers of the Joint Venture. 

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