Seacor Marine Holdings Inc., Houston, announced it has entered into a new senior secured term loan of up to $391 million, along with agreements to build two new platform supply vessels (PSVs), as part of a broader effort to strengthen its financial position and renew its fleet of offshore support vessels.

The new credit facility, structured with an affiliate of EnTrust Global, New York, consolidates Seacor’s existing debt into a single credit facility, with a maturity date in the fourth quarter of 2029, the company said in a press release. The facility will provide funding to refinance approximately $328.7 million in existing debt, including both secured and unsecured obligations, while also supporting the company’s vessel expansion strategy, it added. The refinancing will include the early redemption of $35 million in convertible debt, a move that reduces potential stock dilution by approximately 10%.

As part of the deal, Seacor Marine will also receive up to $41 million in financing to cover half of the cost of the two new PSVs, which are part of the company’s ongoing fleet renewal efforts.

The new vessels, to be built by China’s Fujian Mawei Shipbuilding Ltd., will each feature a deadweight of 4,650 tons and a 1,000-square-meter deck area, with advanced medium-speed diesel engines and an integrated battery energy storage system, Seacor said. The PSVs are scheduled to be delivered in the fourth quarter of 2026 and the first quarter of 2027.

According to Seacor, the newbuilds are part of the company’s broader asset rotation strategy, which aims to modernize its fleet by replacing older, lower-specification tonnage with more environmentally efficient and technologically advanced vessels.

In a separate move, Seacor Marine has finalized agreements to sell its last remaining anchor-handling tug/supply (AHTS) vessels, the 3,075-DWT Seacor 88 and 3,058-DWT Seacor 888, both built by Singapore's PRM Offshore Heavy Industries Pte. Ltd. in 2013. Seacor said it will use the $22.5 million proceeds generated from the sale to help finance the construction of the new PSVs. This sale marks the company’s exit from the AHTS segment, with the vessels set to be delivered by January 2025.

John Gellert, Seacor Marine’s CEO, said, “The new financing with EnTrust Global consolidates all our debt under a single facility maturing in 2029 and addresses $125 million of near-term maturities previously due in 2026 to The Carlyle Group. The early redemption of $35 million of convertible debt eliminates approximately 10% of dilution overhang on the company’s common stock.

“The new financing also allows us to retain financial flexibility and support our growth initiatives by financing up to 50% of our order of two PSVs. This order comes at a competitive price point and with an attractive delivery schedule of the fourth quarter of 2026 and first quarter of 2027 for each of the PSVs. These vessels expand and complement our PSV fleet as we implement our asset rotation strategy aimed at renewing our fleet with high-specification, environmentally efficient assets to replace older, lower specification assets.”

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