SEACOR Marine Holdings Inc., Houston, announced Thursday it has entered into definitive agreements to sell a pair of liftboats to JAD Construction Ltd., Warri, Nigeria, for a total of $76 million in cash.
The two liftboats are from SEACOR's 355 class, the company said in a press release. Its website lists two 355-class vessels: the 177.6'x135' Jill and the 185'x135' Robert. The three-legged liftboats were built by Gulf Island Marine Fabricators, Houma, La., in 2014 and 2011.
The deal is anticipated to close in the third quarter of 2025, pending customary closing conditions and regulatory approvals, SEACOR Marine said, noting it expects to generate an estimated gain of $30.5 million from the transaction.
“This transaction continues our strategic shift away from high volatility markets at a sales price that reflects the deep value of our fleet," SEACOR Marine CEO John Gellert said in a statement. "The sale proceeds provide us with multiple options to redeploy capital into more attractive assets and explore opportunities for consolidation with an improved cost structure and a strengthened balance sheet.
“These sales allow the company to reduce its exposure to offshore wind and decommissioning markets that have experienced prolonged periods of softer demand due to deferrals and cancellations, which will help drive an improvement in our overall fleet utilization. Our actions today will also remove the anticipated cost and downtime associated with lengthy repairs on one of the vessels which were scheduled to commence in October 2025, significantly improving the company’s liquidity profile.”
