Deep Sea Supply buys 10 PSVs

Deep Sea Supply has agreed a deal to buy 10 platform support vessels (PSVs) for US$366 million. 

The move will increase the firm's fleet from 30 to 40 vessels. Deep Sea Supply says the 10 PSVs will achieve attractive cash break even rates, estimated to be $10,000-12,000 per day. 

The 10 PSVs are acquired through the acquisition of 100% of the shares in PSV Holding, which is owned by Greenwich Holdings, an affiliated company of Hemen Holding.  

The deal will see Deep Sea supply assume ownership of five PSVs; Sea Tantalus, Sea Titus, Sea Tortuga, Sea Falcon and Sea Flyer, all delivered from Cochin shipyard in India and Sinopacific shipyard in China during 2013 and 1Q 2014.

All five vessels are operational. Sea Falcon and Sea Flyer are on 5-year contracts (plus options) with Apache in the UK sector of the North Sea. Sea Tantalus was recently awarded two-years (plus options) with Nexen in the UK sector of the North Sea. Sea Tortuga has a contract for 13 months (plus options) with ENI North East Africa. Sea Titus is currently mobilizing to West Africa. Day rates range from $23,000 to $26,000.  

Furthermore, PSV Holding has five vessels under construction, one 4100dwt PSV of STX 05-L CD design at Cochin Shipyard  in India and four Ulsteain PX 105 design 4600dwt PSVs at Sinopacific in China. These newbuilds are expected to be delivered during 3Q and 4Q 2014. 

The deal is expected to close during June 2014. 

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