SEACOR Marine Completes Sale of Windcat to CMB

New York-listed offshore vessel owner SEACOR Marine has completed the previously announced sale of its offshore crew transfer subsidiary Windcat Workboats to the Belgian shipping and logistics group Compagnie Maritime Belge (CMB).

Windcat is headquartered in Lowestoft, United Kingdom and IJmuiden, the Netherlands and has joint ventures with two local partners, FRS Windcat Offshore Logistics in Germany and TSM Windcat in France. Windcat employs approximately 180 shore-based and sea-going personnel.

The sale was completed on January 12, 2021.

CMB paid SEACOR Marine £32.8 million in cash, and assumed all of the approximately £20.4 million of debt outstanding under Windcat’s existing revolving credit facility. 

"After deducting transaction costs and expenses and giving effect to foreign exchange rate hedges, the Company received net cash proceeds of approximately US$42.6 million," SEACOR Marine said.

As previously announced, the existing Windcat management team will continue to lead Windcat after the completion of the transaction.

Windcat Workboats owns and operates a fleet of 46 offshore crew transfer vessels, mainly in the European offshore wind sector, but also in the oil and gas industry and outside Europe.