SEACOSCO PSV new-builds to be outfitted with battery energy storage systems

SEACOSCO Offshore, a joint venture between Seacor Marine and Cosco Shipping Group, has contracted Rolls-Royce Marine to outfit six new-build platform supply vessels (PSVs) with bunker-saving battery energy storage systems. In relation to the new-builds, SEACOSCO has entered into contracts for the purchase of eight Rolls-Royce-designed PSVs from Cosco Shipping Heavy Industry. SEACOSCO is set to take title to seven of the PSVs in 2018 and eight in 2019. SEACOSCO will be funded 30% with equity and 70% with debt financing secured by the PSVs on a non-recourse basis to the equity owners. Aggregate total consideration for the eight PSVs, including the battery system, is approximately US$161.1m. Seacor Marine’s total cash outlay is approximately US$22.4m, with approximately US$20m payable in the first quarter of 2018 and the balance due over the next 14 months as vessels and the Rolls-Royce battery equipment are delivered. Seacor Marine will be responsible for full commercial, operational and technical management of the vessels on a worldwide basis under a separate management agreement with SEACOSCO. “We are excited to partner with COSCO Shipping Group,” said John Gellert, Seacor Marine’s CEO. “We are confident that we have structured a transaction that meets the needs of the shipyard while also managing the cash outlay from the equity owners. The acquired vessels will modernise our operating fleet and expand our offerings to our customers. Combining a proven and advanced design, best in category accommodations and the innovative Rolls-Royce battery system, these vessels will be highly marketable across all major offshore energy regions worldwide.”