SEACOR Holdings Inc. and Nabors Industries Ltd. have entered into a letter of intent to form a new company to own and operate a fleet of 20 offshore
support vessels currently owned by a Nabors affiliate.
A subsidiary of SEACOR will be the majority owner of the new company,
Sea Mar
Offshore LLC and will manage its 19 US flag and one
foreign flag vessels. Nabors will be a minority owner of Sea Mar, which
will qualify for US coastwise trade.
Early termination of the waiting period under the "Hart-Scott-Rodino"
Anti-Trust Improvement Act of 1976 was granted on June 20, 2007. The transaction is subject to definitive documentation and expected to close on or before July 13, 2007.