SBM Offshore to acquire 75% equity in SBM Installer JV

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Ocean Yield has agreed to sell its 75% equity in the SBM Installer diving support and construction vessel owned by OS Installer Limited which is a joint venture owned 75% by Ocean Yield and 25% by SBM Holding Inc S.A.

SBM Offshore said on Friday the vessel operates in a non-core market for the Company. “In order to gain the flexibility required to divest the vessel, the Company will acquire the remaining 75% equity ownership in OSI,” SBM said.

SBM Offshore and Ocean Yield entered into a Term Sheet with respect to this acquisition with a cash consideration of c. US$30 million.

SBM said OSI’s existing debt facility will remain in place, subject to lender approval.

“The transaction is expected to close around the end of the third quarter of this year and remains subject to final documentation and approvals,” SBM said.

SBM Offshore is the builder and operator of the Liza Destiny FPSO which is currently producing oil at the Stabroek Block some 120 miles offshore Guyana.

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