US group HC2 Holdings has put OSV owner Global Marine on the sales block.
It is also exploring other strategic alternatives for the company and its 29-ship fleet.
Deutsche Bank Securities and ABN Amro have been brought in to help with the process.
HC2 acquired Global Marine four years ago.
The group's CEO Philip Falcone said: "They've renewed the fleet of marine assets through strategic acquisitions and re-organised the business to pursue attractive growth opportunities, all while substantially reducing debt that was assumed during the acquisition.
"We believe exploring strategic options now will clearly position the next buyer to strategically capitalise on the next phase of growth of the Global Marine business, while allowing current investors an opportunity to realise substantial value creation since the acquisition in 2014.
"Reducing HC2's debt cost of capital has been a top priority of ours, and we believe monetising this asset will get us above and beyond that important goal."
Global expansion
Global Marine has long-term telecom maintenance agreements covering half of the world's maintenance zones.
It bought CWind in 2016, creating a platform to address "compelling growth opportunities in the global market for offshore power construction and operations, installation, repair and maintenance services," HC2 said.
In 2017 it bought Fugro's trenching and cable laying business in exchange for an equity stake in Global Marine by Fugro.
The transaction, valued at $73m, saw Fugro get a 24% slice.
And it had recently formed a new business group, Global Offshore, to pursue installation and maintenance opportunities in the rebounding oil and gas markets.
Move welcomed
"We very much welcome this decision from HC2 to explore strategic options to support the continued growth of the Global Marine Group platform," said Global Marine CEO Ian Douglas.
"Together, we have strengthened the business and grown across our target markets, and we believe we have a great opportunity to accelerate our growth with our experienced and proven management team, strong balance sheet, enhanced and upgraded portfolio of marine assets and a solid pipeline of secured and potential project opportunities."
There is no set timetable for any transaction.
The fleet includes four specialist cable installation and repair vessels, four maintenance vessels and 21 other units.
Global Marine also has joint ventures with China Telecom and Huawei.
