Seacor Marine has completed the sale of Windcat Workboats Holdings Limited (Windcat) and its crew transfer vessel business to Compagnie Maritime Belge (CMB), a diversified shipping and logistics group.
As consideration for the sale, CMB paid Seacor Marine GBP 32.8 million in cash, and assumed all of the approximately GBP 20.4 million of debt outstanding under Windcat’s existing revolving credit facility. After deducting transaction costs and expenses and giving effect to foreign exchange rate hedges, the company received net cash proceeds of approximately US$42.6 million.