Seacor Marine Holdings said it put in a “stalking horse” bid to combine its liftboat assets with that of Montco Offshore, which just filed for bankruptcy.

Houston-based Montco filed a term sheet with the United States Bankruptcy Court for the Southern District of Texas that sets non-binding for the two to form a new joint venture.

The term sheet says Seacor Marine and Montco will jointly form and capitalise the new joint venture, with Seacor Marine contributing thirteen liftboat vessels, Montco six and another two coming from an existing joint venture between the two.