Deep Sea Supply buys PSVs

Deep Sea Supply. vessels moored in Aberdeen harbour

Oslo-listed Deep Sea Supply is paying  $366 million to acquire 10 platform supply vessels from affiliate company PSV Holding.

The acquisition of five existing vessels and five newbuilds currently under construction is set to increase Deep Sea Supply’s fleet from 30 to 40 units.

The company intends to finance the purchase through a $200 million private placement underwritten by its largest shareholder Hemen Holding, the investment vehicle of shipping and offshore billionaire John Fredriksen that also owns PSV Holding.

It will also raise an equivalent amount in bank financing to fully fund the deal, due to close later this month, which will effectively constitute a buyout of PSV Holding’s total assets.

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