Seacor Smit signs for StirlingNews // March 23, 2001
Purchase consideration will be based on the adjusted assets less liabilities of Stirling Shipping and is estimated to total approximately £58.0 million. The purchase price will be payable approximately 50 per cent in cash, 20 per cent in shares of Seacorcommon stock, 20 per cent in loan notes and 10 per cent in convertible notes. Stirling's long term debt is projected to be approximately £38.3 million at closing. The final price is subject to certain closing adjustments.
Through its acquisition of Stirling Shipping, Seacor will acquire 12 vessels all currently operating in the North Sea with an average age of 11.7 years and contracts for the construction of two new vessels. Of the 12 vessels, nine are platform supply vessels and three are anchor handling/supply (AHTS) vessels.
The new construction contracts are for two 15,000bhp AHTS vessels at a total cost of approximately £31.6 million. The vessels will be built in the UK and are scheduled for delivery during the first half of 2002.
Seacor intends to retain Stirling Shipping's management and vessel crews. It is also intended that James Cowderoy, Managing Director of Stirling Shipping, will join Seacor's senior management and be nominated to serve on Seacor's Board of Directors.
The parties anticipate that the transaction will be completed by the end of April 2001.