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Windcat CTV [Image: CMB]
Antwerp-headquartered Compagnie Maritime Belge (CMB) has reached an agreement to acquire Lowestoft, U.K., headquartered Windcat Workboats Holdings Limited and its crew transfer vessels from SEACOR Marine Holdings Inc. (NYSE: SMHI).
The deal will see CMB pay SEACOR Marine GBP 32.8 million in cash (about US$44.6 million) and assume all of the approximately GBP 20.4 million (about $27.8 million) of debt outstanding under Windcat’s existing revolving credit facility.
The transaction is expected to close on or prior to January 12, 2021.
Windcat owns and operates, directly or through its joint ventures, a fleet of 46 CTVs in the European offshore wind sector. Windcat’s CTVs are designed and built under the supervision of its management, a team with more than 18 years’ experience in the industry. The existing Windcat management team will continue to lead the company after completion of the transaction.
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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
SEACOR Marine and CMB Announce Transaction for Windfarm Support Business
SEACOR Marine Holdings Inc.December 18, 2020 GMT
HOUSTON and ANTWERP, Belgium, Dec. 18, 2020 (GLOBE NEWSWIRE) SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, and Compagnie Maritime Belge (“CMB”), a diversified shipping and logistics group, today announced that a wholly-owned subsidiary of the Company entered into a binding definitive sale and purchase agreement (“SPA”) to sell Windcat Workboats Holdings Limited (“Windcat”) and its crew transfer vessel (“CTV”) business to CMB. As consideration for the sale, at the closing of the transaction, CMB will pay SEACOR Marine £32.8 million in cash, and assume all of the approximately £20.4
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