CMB Completes Windcat Workboats Buy

Compagnie Maritime Belge (CMB) has completed the acquisition of Windcat Workboats Holdings Limited and its crew transfer vessel business from SEACOR Marine.

As consideration for the sale, CMB paid SEACOR Marine GBP 32.8 million (EUR 36.9 million) in cash, and assumed all of the approximately GBP 20.4 million of debt outstanding under Windcat’s existing revolving credit facility.

After deducting transaction costs and expenses and giving effect to foreign exchange rate hedges, SEACOR Maribne received net cash proceeds of approximately USD 42.6 million (USD 35.2 million).

The existing Windcat management team will continue to lead the company after the completion of the transaction.

Windcat owns and operates, directly or through its joint ventures, a fleet of 46 CTVs in the European offshore wind sector.

It is headquartered in Lowestoft, the UK, and IJmuiden, the Netherlands, and has joint ventures with FRS Windcat Offshore Logistics in Germany, and TSM Windcat in France. The company employs approximately 180 shore-based and sea-going personnel.

Photo: Windcat Workboats