SEACOR Marine Holdings Inc., a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced that it has entered into a five-year, $130 million loan facility with a syndicate of lenders led by DNB Bank ASA.
The new term loan will bear interest at an initial rate equal to LIBOR plus a margin of 3.75%. The Company used $101.3 million of the proceeds from the credit facility to pay in full three credit agreements. The new term loan extends a significant amount of the Company’s near-term maturities with the bulk of the Company’s maturities now coming due in or after 2023. The remaining $28.3 million of gross proceeds is available for general corporate purposes, including potential acquisitions.
SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.