SEACOR and Nabors sign Letter of Intent for offshore fleet

News - June 29, 2007

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SEACOR Holdings and Nabors Industries Ltd in the US have announced that they have entered into a Letter of Intent to form a new company to own and operate a fleet of 20 offshore support vessels currently owned by a Nabors affiliate.

A subsidiary of SEACOR will be the majority owner of the new company, Sea Mar Offshore LLC, and will manage its 19 US flag and one foreign flag vessels.

Nabors will be a minority owner of Sea Mar, which will qualify for US coastwise trade.

Early termination of the waiting period under the Hart-Scott-Rodino Anti-Trust Improvement Act of 1976 was granted on June 20th 2007.

The transaction is subject to definitive documentation and expected to close on or before July 13, 2007.


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