Sea1 Offshore Sells Subsea Vessel Amid Fleet Renewal
Norwegian vessel operator Sea1 Offshore, previously known as Siem Offshore, is taking significant steps in its fleet renewal strategy by selling its 11-year-old offshore subsea construction vessel, the Sea1 Spearfish. The vessel, currently under contract with PXGEO, is being sold to an independent third party, with the transaction expected to close in May, pending customary conditions. This sale is projected to yield a gain of approximately $40 million for the company.
Details of the Sale and Vessel Specifications
Sea1 Offshore has finalized an agreement to sell the Sea1 Spearfish, a vessel built in 2014, which is designed for various subsea operations including construction, installation, inspection, and maintenance tasks. The Sea1 Spearfish measures 120.80 meters in length and is of the STX OSCV 03 design, capable of accommodating up to 110 personnel. The sale price reflects the remaining firm contract period, ensuring that the transaction aligns with market terms.
Following the sale, Sea1 Offshore will repay an existing debt of $39 million, further solidifying its financial position. The company is actively pursuing a fleet renewal program, which includes an order for four next-generation offshore energy support vessels (OESVs) from the Chinese shipyard Cosco Shipping. The first two vessels were ordered at the end of 2024, with the subsequent pair ordered just last month.
Collaborations and Future Plans
In addition to the sale of the Sea1 Spearfish, Sea1 Offshore is collaborating with Aurora Offshore, transferring a total of 11 vessels as part of their partnership. The initial phase of this collaboration saw the delivery of two anchor handling tug supply (AHTS) vessels, Siem Pearl and Siem Challenger, in January. This was followed by the transfer of the high-end subsea vessel Siem Stingray.
Recently, the second of three high-end subsea vessels, Siem Day, joined Aurora’s fleet after its takeover was completed in Las Palmas earlier this month. These strategic moves reflect Sea1 Offshore’s commitment to modernizing its fleet while enhancing operational capabilities through partnerships in the offshore energy sector.
