Seacor Marine has structured a transaction for eight cancelled newbuildings in China that gives about a 90% price discount from its perspective but only a 30% reduction from the yard’s vantage point.
Offshore project brokers told TradeWinds that, although this type of win-win structure was not unheard of in the offshore vessel business, it had been exceptionally rare.
“This is almost like a restructuring with fresh equity coming in but, instead of a restructuring of a company, Seacor has set this up with cancelled ships,” one newbuilding specialist said.
