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SEACOR teams with private Mexican firm to acquire UP Offshore

Louisiana-based SEACOR Marine Holdings Inc. announced Dec. 20 it will establish a joint venture company with Proyectos Globales de Energia y Servicios CME S.A. de C.V., a private Mexican company, for the acquisition of UP Offshore (Bahamas) Ltd.

The new firm will be owned by SEACOR with 49% and its partner CME with 51%.

UP Offshore is an offshore support vessel services provider to the energy industry in Brazil. The company owns 14 vessels with 12 vessels in Brazil. Nine vessels are for platform supply, four are for Remotely Operated Vehicles support and one is for offshore terminals.

UP Offshore's debt was refinanced with approximately US$95 million in various loans, composed of: $70 million in the form of a new six-year debt facility provided by UP Offshore's existing lenders, which is non-recourse to SEACOR Marine and CME or any of their subsidiaries; a $15 million loan to be used for capital expenditures on two vessels to UP Offshore from Mantenimiento Express Maritimo S.A.P.I. de C.V., a subsidiary of units of SEACOR Marine and Proyectos Globales; and a $10 million loan from the new company to fund working capital requirements of UP Offshore, which will be subordinate to the new bank debt facility and will be funded with around US$5.0 million capital contribution from subsidiaries of the two companies.

DNB Markets Inc. acted as adviser to MEXMAR in this transaction. Clarksons Platou Securities AS acted as adviser to UP Offshore.