• 2018 December 21 14:03

    SEACOR Marine forms new JV in Brazil to acquire UP Offshore

    SEACOR Marine Holdings Inc. announced the acquisition of UP Offshore (Bahamas) Ltd. (“UP Offshore”) by a new joint venture company that is 49% owned by a subsidiary of SEACOR Marine and 51% owned by a subsidiary of Proyectos Globales de Energía y Servicios CME, S.A. de C.V. (“CME”). UP Offshore is a leading provider of offshore support vessel services to the energy industry in Brazil, the largest regional market in Latin America. Of UP Offshore’s 14 vessel fleet, 12 vessels are located in Brazil and registered under the Brazilian flag. Nine are platform supply vessels, four are ROV support vessels and one is an offshore terminal vessel.

    The equity of UP Offshore was acquired for nominal consideration and its debt was refinanced with approximately $95 million of new indebtedness composed of:

     $70 million in the form of a new six-year debt facility provided by UP Offshore’s existing lenders. The new facility is non-recourse to SEACOR Marine and CME or any of their respective subsidiaries;

     A $15 million loan to UP Offshore from Mantenimiento Express Marítimo, S.A.P.I. de C.V. (“MEXMAR”), an existing joint venture in Mexico between affiliates of SEACOR Marine and CME. This loan will be used to fund capital expenditures on two vessels in the UP Offshore fleet that have been awarded firm contracts of employment in Brazil. Except under certain limited circumstances, this loan is senior to the new bank facility in right of payment; and

     A $10 million loan from the new joint venture company of SEACOR Marine and CME to fund working capital requirements of UP Offshore. This loan is subordinate to the new bank debt facility and will be funded with an approximate $5.0 million capital contribution from subsidiaries of each of SEACOR Marine and CME.

    DNB Markets, Inc. acted as advisor to MEXMAR in this transaction. Clarksons Platou Securities AS acted as advisor to UP Offshore.

    SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.


2024 May 4

15:17 Lomar takes bulker investment to $127 million inside a year
13:47 HD Hyundai, ABS to set standards for e-propulsion ships
12:08 Australian Govt selects BAE Systems and ASC to build sovereign nuclear powered submarines
10:51 Van Oord’s heavy lift installation vessel undergoes upgrade

2024 May 3

18:00 Holland America Line begins pilot test of renewable fuels on its flagship, Rotterdam
17:20 European Hydrogen Bank auction provides €720 million for renewable hydrogen production in Europe
17:06 GTT and PipeChina Innovation sign a License Agreement for the use of GTT membrane containment technology for onshore LNG storage
16:43 CMA CGM to launch M2X - Mexico Express Service connecting Far East to Mexico
16:31 Wartsila to supply the engines for a new Canadian Coast Guard Polar Icebreaker
15:58 The Port of Long Beach celebrates “Tri-gen” system for producing renewable hydrogen, electricity and water
15:06 Astrakhan region ports’ cargo volume in Q1, 2024 soars 78%
14:32 Valenciaport participates in a European project to promote the use of renewable energy for self-consumption in the port
13:50 Seatrade reaches settlement with Dutch Public Prosecution Service
13:15 Dennis Tetzlaff appointed Chief Operating Officer Fleet at Stena Line
12:40 ONE releases financial result for FY2023
12:20 IMO biofouling project to address biodiversity threat extended
11:30 Corvus Energy to supply ESS for the first net zero subsea construction vessel
11:10 Damen launches fully electric RSD-E Tug 2513 for Port of Antwerp-Bruges
10:30 Port of Rotterdam reduces CO2 emissions by 10% in 2023
10:02 HD KSOE wins $286mn order for four MGCs
10:00 Russian seaports in Q1, 2024: Infographics and Analytics
09:00 HD Hyundai Heavy secures contract to build LNG carrier duo

2024 May 2

18:07 World’s most environmentally friendly tug fleet delivered to HaiSea Marine
17:38 SOHAR Port and Freezone sings agreement with METCORE for Mass Flow Meter Implementation
17:23 Unifeeder launches China Gulf Express
16:59 Allseas receives T&I contract for Gennaker offshore wind farm
16:30 CMA CGM’s newest container vessel visited the HHLA TK Estonia terminal
15:46 DP World introduces new rail route from China to Turkey
14:32 Hybrid technology to optimise energy use and cut emissions for Matson Navigation Company’s new LNG-powered container ships
13:54 Bureau Veritas awards AiP for TotalEnergies’ Skipe V2 tool
13:24 Hapag-Lloyd launches first dry container tracking product “Live Position”
12:58 Europe’s ports have €80 billion investment needs for the next 10 years
12:15 MABUX: Bunker Outlook, Week 18, 2024
11:42 APSEZ FY24 net profit jumps 50%
11:19 Tristar Eships to manage its carbon footprint with Wartsila’s Decarbonisation Services
10:48 Topsoe awarded contract to support FEED study for new low-carbon ammonia plant in Louisiana, US
09:26 Maersk posts Q1 2024 results

2024 May 1

17:13 Matson picks Kongsberg Maritime's hybrid technology for its new LNG-powered container ships
16:22 All American Marine delivers hydrofoil-assisted tour vessel to Phillips Glaciers
15:24 Corvus Energy to supply ESS for the first Net Zero Subsea Construction Vessel
14:02 Stena Line taps Dennis Tetzlaff as Chief Operating Officer Fleet
12:31 APSEZ secures AAA Rating – India’s first private infrastructure developer with AAA
11:57 Unifeeder continues its expansion in Latin America
10:09 IMO's Legal Committee finalizes new guidelines on seafarer criminalization

2024 April 30

16:14 LR grants AiP to H2SITE’s AMMONIA to H2POWER technology
15:17 IRS partners with MARIN to enhance technical expertise in shipbuilding
13:42 Allseas T&I contract for Gennaker offshore wind farm
12:03 CSSC and QatarEnergy sign agreement for construction of 18 Q-Max class LNG carriers
10:13 First ship departs Baltimore through limited access channel

2024 April 29

17:42 Abu Dhabi leaps a staggering 10 places in 2024 LMC Report
16:19 Norwegian engine builder Bergen Engines joins FME MarTrans initiative
15:13 Hitachi, Chantiers de l’Atlantique to seal French offshore substation contract
14:53 Port of Greenock given vote of confidence with new Türkiye container service
14:09 Aker Solutions ASA:announces first quarter results 2024
13:37 Gasum Group's Q1 sales volumes rose 73% due to higher natural gas volumes
12:14 New Zealand cruise market on track for recovery
11:40 Vitol announces satisfaction of a condition precedent relating to the golden power proceeding
10:41 JERA Energy India begins operations as JERA’s base of operations in the country

2024 April 28

15:13 IACS publishes new recommendation for conducting commissioning testing of BWMS
14:11 Skanska set for South Brooklyn Marine Terminal Buildout (SBMT)
12:27 Philly Shipyard and HD Hyundai Heavy Industries sign MoU
12:03 Equinor to commence second tranche of the 2024 share buy-back programme
10:16 Gebrüder Weiss enlarges logistics center in Budapest
09:37 Opening of MARIN's Seven Oceans Simulator centre (SOSc) in the Netherlands slated for May 2024

2024 April 27

16:36 National Transportation Safety Board: Undetected flooding from a through-hull pipe led to capsizing of dredging vessel
15:49 Chantiers de l’Atlantique picks Brunvoll propulsion for the world’s largest sailing ships
14:31 US Navy announces first MCM MP embarked on USS Canberra
13:42 Interim president Michelle Kruger takes helm at Austal USA
12:17 DEME annnounces start of share buyback program
10:28 Ships with Korean-made LNG containment face key supply chain disruptions