Benzinga | Dec 18, 2020 06:55AM EST

SEACOR Marine To Sell Windcat Workboats Holdings Limited And Its Crew Transfer Vessel Business To CMB For 32.8M In Cash

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 million of debt outstanding under Windcat's existing revolving credit facility (equivalent to approximately US$44.6 million and US$27.8 million, respectively, based on the USD to GBP closing exchange rate on December 17, 2020). The transaction is expected to close on or prior to January 12, 2021.



Windcat is among the leading offshore wind support vessel providers in Europe, and 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 Windcat management, a team with more than 18 years' experience in the industry. The existing Windcat management team will continue to lead the company after the completion of the transaction.

Windcat is headquartered in Lowestoft, United Kingdom and IJmuiden, the Netherlands and has joint ventures with two strong local partners, FRS Windcat Offshore Logistics in Germany and TSM Windcat in France. Windcat employs approximately 180 shore-based and sea-going personnel.