Sea1 Offshore sells 2014-built OSCV

Norwegian offshore vessel operator Sea1 Offshore has sold one of its offshore subsea construction vessels (OSCV) as part of its fleet renewal program.

The company said that it sold its 2014-built OSCV Sea1 Spearfish to an unnamed independent third party. The vessel is currently on a contract with marine seismic player PXGEO.

According to Sea1, the remaining firm contract period is reflected in the sale price. The two recently signed an extension for the vessel. Namely, in late November last year, PXGEO agreed to keep the OSCV for another year. The extension kicks in during the first quarter of 2025.

The Norwegian firm added that the sale was done on market terms and would result in a gain of approximately $40m. The existing debt of $39m will be repaid following the transaction. The transaction is expected to close in May 2025.