Nimrod Sea Assets Limited has completed its third acquisition by investing USD 10.6 million in a 99.5% stake in DSV Alliance DIS which has purchased the Seamec Alliance and will be renamed Red 7 Alliance.
Red 7 Alliance, a dive support vessel, will be back-to-back bareboat chartered to Red7Marine Group, a specialist provider of equipment and services to the offshore, inland and coastal marine construction and maintenance markets, both in the UK and overseas.
In the offshore market Red7Marine Group owns and operates DP2 dive construction and inspection support vessels, ROV’s and specialist excavation tools. Its services include specialist subsea engineering design and support, fabrication and a full range of offshore construction and inspection, repair and maintenance (IRM) services to both the offshore renewables and oil and gas industries. In the inland and coastal market Red7Marine Group is the owner/operator of construction support jack-up barges and specialist marine plant.
The vessel was built in 1984 and has worked the majority of its life in the North Sea. The Executive Directors believe it is a quality asset with strong operational capabilities and strong residual value characteristics, the company said in the release. It is intended the vessel will enter the North Sea saturation diving market for a portion of the working year.
Red 7 Alliance will mobilise from Cyprus to Great Yarmouth where she will start work immediately for Red7Marine. Bi-annual dividend payments from the investment are forecast to begin 6 months after the completion date.
Senior debt for the transaction was provided by Bank of London and the Middle East and Red7Marine also provided a Charterers’ Credit for the financing. Jeremy Punnett, an Executive Director of Nimrod Sea Assets, will join the Board of DSV Alliance DIS.
Press Release; Image: Seamec