Sea1 selling 11-year-old subsea construction vessel as part of fleet renewal
Sea1 Offshore Sells Subsea Vessel Amid Fleet Renewal
Sea1 Offshore, previously known as Siem Offshore, is making significant changes to its fleet by selling its 11-year-old offshore subsea construction vessel, Sea1 Spearfish. The sale, part of a broader fleet renewal strategy, has been agreed upon with an independent third party and is expected to close in May, pending customary conditions. This transaction is projected to yield a gain of approximately $40 million for the company.
Details of the Sale and Vessel Specifications
The Sea1 Spearfish, built in 2014, is currently under contract with PXGEO. 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 as it transitions to newer vessels.
Measuring 120.80 meters in length, the Sea1 Spearfish is designed for various subsea operations, including construction, installation, inspection, and maintenance tasks. The vessel can accommodate up to 110 personnel, making it well-suited for extensive offshore projects. This sale marks a strategic move for Sea1 Offshore as it looks to modernize its fleet and enhance operational efficiency.
Future Plans and Collaborations
In addition to the sale of Sea1 Spearfish, Sea1 Offshore has placed an order with Chinese shipyard Cosco Shipping for four next-generation offshore energy support vessels (OESVs). The first two vessels were ordered at the end of 2024, with the subsequent pair ordered last month, indicating a strong commitment to upgrading their operational capabilities.
Moreover, Sea1 Offshore is collaborating with Aurora Offshore, transferring a total of 11 vessels as part of this partnership. The initial transfers included the anchor handling tug supply vessels Siem Pearl and Siem Challenger, delivered in January. Recently, the high-end subsea vessel Siem Stingray was also handed over, followed by the successful takeover of Siem Day earlier this month in Las Palmas. These developments highlight Sea1 Offshore’s proactive approach to fleet management and its focus on enhancing service offerings in the offshore energy sector.
