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Deep Sea Supply PLC and BTG Pactual establish a Joint Venture in Brazil; Deep Sea Supply PLC Transfers Vessels to Joint Venture


Thursday, 17 Jan 2013 02:50am EST 

Deep Sea Supply PLC announced that it has agreed to enter into a joint venture for the ownership and operation of Platform Supply Vessels (PSVs) and Anchor Handling Tug and Supply Vessels (AHTS) in Brazil with Pactual Oil & Gas Participacoes S.A. (BTG Pactual). The Joint Venture will be owned 50/50 by BTG Pactual and Deep Sea Supply and will initially own and operate a fleet of 15 vessels. The Joint Venture will also acquire six large PSVs currently under construction with Sinopacific Shipbuilding Group (Sinopacific) and will look to acquire additional PSVs and AHTS. BTG Pactual will purchase a 50% ownership interest in each of Deep Sea Supply Navegacao Maritima Ltda. (Deep Sea Navegacao) and Deep Sea Supply Servicos Maritimos Ltda (Deep Sea Servicos) from Deep Sea Supply. Further, Deep Sea Supply will transfer nine AHTS and five PSVs to the Joint Venture. In exchange, the Joint Venture will make a cash payment equal to the equity value of the vessels and will take over the vessels' current financing. The Joint Venture partners will also make an equity injection in the Joint Venture of USD 48 million, with 50 % from each, to meet the Joint Venture's working capital requirements. The closing of the transaction is subject to usual third party closing conditions including relevant competition authorities and approval from the vessels' charterers. The expected closing of the transaction is during the first quarter of 2013. 

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9.09
-0.21 -2.26%
16 Apr 2014