Dutch floating production storage and offloading (FPSO) vessel operator SBM Offshore is preparing to sell the diving support and construction vessel (DSCV) SBM Installer.
SBM Offshore is the long-term charterer of the DSCV SBM Installer under a contract ending in 2026.
The company holds a 25% equity ownership in OS Installer Limited (OSI), the owner of the vessel.
OSI is a joint venture (JV) that is 75% owned by Ocean Yield and 25% by SBM Holding.
According to the Dutch operator, the vessel operates in a non-core market for SBM.
SBM Offshore will acquire the remaining 75% equity ownership in OSI to gain the necessary flexibility to divest the SBM Installer.
SBM Offshore and Ocean Yield signed a term sheet with respect to this transaction for a cash consideration of approximately $30m.
SBM Offshore stated: “OSI’s existing debt facility will remain in place, subject to lender approval.”
Expected to be closed in the third quarter of this year, the transaction is subject to final documentation and other approvals.
The SBM Installer was built by Keppel Singmarine in 2013 and delivered in December 2014.
Last month, SBM Offshore closed a $600m bridge loan facility for the financing of the construction of FPSO Sepetiba.
In May, SBM slightly reduced its 2020 guidance due to market uncertainty as a result of the coronavirus pandemic and low oil prices.