SEACOSCO Offshore, a joint venture between Seacor Marine and Cosco Shipping Group, has contracted Rolls-Royce Marine to outfit six new-build platform supply vessels (PSVs) with bunker-saving battery energy storage systems. In relation to the new-builds, SEACOSCO has entered into contracts for the purchase of eight Rolls-Royce-designed PSVs from Cosco Shipping Heavy Industry. SEACOSCO is set to take title to seven of the PSVs in 2018 and eight in 2019. SEACOSCO will be funded 30% with equity and 70% with debt financing secured by the PSVs on a non-recourse basis to the equity owners. Aggregate total consideration for the eight PSVs, including the battery system, is approximately US$161.1m. Seacor Marines total cash outlay is approximately US$22.4m, with approximately US$20m payable in the first quarter of 2018 and the balance due over the next 14 months as vessels and the Rolls-Royce battery equipment are delivered. Seacor Marine will be responsible for full commercial, operational and technical management of the vessels on a worldwide basis under a separate management agreement with SEACOSCO. We are excited to partner with COSCO Shipping Group, said John Gellert, Seacor Marines CEO. We are confident that we have structured a transaction that meets the needs of the shipyard while also managing the cash outlay from the equity owners. The acquired vessels will modernise our operating fleet and expand our offerings to our customers. Combining a proven and advanced design, best in category accommodations and the innovative Rolls-Royce battery system, these vessels will be highly marketable across all major offshore energy regions worldwide.
Dean has been with UKi Media & Events for over a decade, having previously cut his journalistic teeth writing and editing for various automotive and engineering titles. He combines extensive knowledge of all things automotive with a passion for driving, and experience testing countless new vehicles, engines and technologies around the world. As well as his role as editor-in-chief across a range of UKi's media titles, he is also co-chair of the judging panel of the International Engine of the Year Awards.