Oivind Lorentzen, Chief Executive Officer of Fort Lauderdale-based SEACOR Holdings Inc. (NYSE: CKH) announced plans for further asset growth today as a result of a new joint venture with private equity firm Avista Capital Partners which has netted the company $150 million in cash.
In exchange for the $150.0 million, Avista has gained a non-controlling ownership interest in SEACOR subsidiary Seabulk Tankers’ fleet of seven U.S.-flag Jones Act tankers.
Seacor adds these funds will be used toward the construction of three NASSCO-built 50,000 ton dwt product tankers with expected deliveries in May 2016, October 2016 and March 2017, respectively. The vessels will continue to be managed and crewed by SEACOR subsidiaries pursuant to ship management and crew management agreements.
Lorentzen commented, “Avista is a natural partner for SEACOR given its history with the Company and its extensive experience in the energy market. This transaction ensures additional capital for new construction and positions the Company to order additional equipment as market opportunities develop.”