Seacor Smit Gets Bigger

Wednesday, March 07, 2001
Seacor Smit Inc. and Stirling Shipping Company Ltd., a private UK company based in Glasgow, Scotland, signed a letter of intent for Seacor to acquire all of the issued share capital of Stirling Shipping and certain subsidiaries. Purchase consideration will be based on the adjusted assets less liabilities of Stirling Shipping at closing and is estimated to total approximately 58 million pounds. The purchase price will be payable approximately 50% in cash, 20% in shares of Seacor common stock, 20% in loan notes and 10% in convertible notes. Stirling’s long term debt is projected to be approximately (pound)38.3 million at closing. The final price is subject to certain closing adjustments. Through its acquisition of Stirling Shipping, Seacor will acquire 12 vessels all currently operating in the North Sea with an average age of 11.7 years and contracts for the construction of two new vessels. Of the twelve vessels, nine are platform supply vessels (PSV) and three are anchor handling towing supply vessels (AHTS). The new construction contracts are for two 15,000 bhp AHTS vessels at a total cost of approximately $50 million.. The vessels will be built in the UK and are scheduled for delivery during the first half of 2002. Seacor intends to retain Stirling Shipping’s management and vessel crews. It is also intended that James Cowderoy, Managing Director of Stirling Shipping, will join Seacor’s senior management and be nominated to serve on Seacor’s Board of Directors. Completion of the transaction is subject to certain due diligence items, execution of definitive documentation, approval of Stirling Shipping’s shareholders and the Boards of Directors of Stirling Shipping and Seacor. The parties anticipate that the transaction will be completed by the end of April 2001. Charles Fabrikant, Chairman of Seacor, commented: “We are pleased to have the opportunity to acquire Stirling Shipping, a company with a strong reputation, excellent management, and a quality fleet. This acquisition modernizes our international fleet and expands our market coverage.” James Cowderoy, Managing Director of Stirling Shipping, remarked: “We look forward to becoming an important part of Seacor Smit. Our companies’ activities are well matched and this deal will enable us to build on each other’s respective strengths.” — (Reuters)
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Workboats

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

MARAD Publishes US ATB, ITB Database

The U.S. Maritime Administration (MARAD) released what it is calling a first-of-its-kind public database that chronicles U.S.-flagged, privately owned domestic

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2217 sec (5 req/sec)