GALLIANO, La.--(BUSINESS WIRE)--Falcon Global LLC (“Falcon Global”) a subsidiary of SEACOR Marine Holdings Inc. (NYSE:SMHI) (“SEACOR Marine”) and Fred. Olsen Windcarrier AS (“FOWIC”) a wholly owned subsidiary of BONHEUR ASA (Oslo Stock Exchange: BON.OL) today announced that they have reached a cooperation agreement whereby each party will exclusively contribute vessels and marine/installation crews to the market and operate a full spread of offshore wind installation and feeder vessels for the US offshore wind market.
The Falcon Global fleet consists of one of the largest existing US-flag and Jones-Act compliant lift boats in the U.S. With a proven track record of operating in US-waters under harsh environmental conditions, the Falcon Global fleet represents a longstanding tradition of highly competent US-officers and crew. The combination of Fred. Olsen Windcarrier’s fleet of highly sophisticated Wind Turbine Installation vessels and the Flacon Global fleet will create a marine spread capable of installing the largest turbines in the market. The Falcon Global vessels will form a feeder-solution of up to four vessels depending on installation parameters.
The efficiency of the vessel spread will shorten installation periods and reduce costs, which will feed renewable energy onto the grid sooner than alternative installation methods. In addition, the vessel spread will enable access to the existing ports and infrastructure.
Falcon Global vessels and Fred. Olsen Windcarrier successfully installed the five turbine Block Island project in 2016, the first offshore wind farm in the US. The project was installed in only 18 days and with zero safety incidents. Currently, several offshore windfarms are planned along the US North East Coast in 13 leased areas, as reported by the Bureau of Ocean Energy Management in Washington, D.C. (BOEM).
John Gellert, President and CEO of SEACOR Marine Holdings Inc. commented: “We are pleased to have reached this agreement with Fred. Olsen, which will allow us to offer highly efficient and cost effective services to our wind customers, building on the successful operation our vessels had with Fred. Olsen during the Block Island campaign. We look forward to working with Fred. Olsen in delivering safe, reliable and efficient solutions to our wind customers in the US, and Europe. This agreement is not only the first significant announcement for our investment in Falcon Global, but also a major milestone for SEACOR Marine, as we continue to implement our strategy of diversifying our customer base outside of oil and gas markets, and expanding in windfarm services where we already have a substantial presence with Windcat Workboats in Europe.”
Ketil Arvesen, Vice President of Fred.Olsen Ocean, added: “The two companies combine the best of US marine expertise and Jones Act compliant liftboats with European offshore wind know-how and class leading jack-up vessels for the upcoming US offshore wind farms. This unique combination of available assets and experience in an exclusive agreement will enable installation of multi megawatt offshore turbines in the US, bringing business case certainty to the developers. We are proud to team up with Falcon Global and SEACOR Marine in an exclusive agreement to make this happen.”
Forward Looking Statements
Certain statements discussed in this release as well as in other reports, materials and oral statements that SEACOR Marine releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums, weakening demand for SEACOR Marine’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, increased government legislation and regulation of SEACOR Marine’s businesses could increase cost of operations, increased competition if the Jones Act and related regulations are repealed, liability, legal fees and costs in connection with the provision of emergency response services, such as the response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for SEACOR Marine’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, including as a result of the recent vote in the U.K. to leave the European Union, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence on several key customers, consolidation of SEACOR Marine’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Jones Act and related regulations on the amount of foreign ownership of SEACOR Marine’s Common Stock, operational risks, effects of adverse weather conditions and seasonality, adequacy of insurance coverage, the ability to remediate the material weaknesses SEACOR Marine has identified in its internal controls over financial reporting, the attraction and retention of qualified personnel by SEACOR Marine, and various other matters and factors, many of which are beyond SEACOR Marines control as well as those discussed in “Risk Factors” included in the Information Statement filed as Exhibit 99.1 to Amendment No. 3 to SEACOR Marine’s Registration Statement on Form 10 and other reports filed by SEACOR Marine with the SEC. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Forward-looking statements speak only as of the date of the document in which they are made. SEACOR Marine disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in SEACOR Marine’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures SEACOR Marine makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K (if any). These statements constitute SEACOR Marine’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
About SEACOR Marine
SEACOR Marine provides global marine and support transportation services to offshore oil and gas exploration, development and production facilities worldwide. SEACOR Marine currently operates a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provides construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
About Fred. Olsen Windcarrier AS
Fred. Olsen Windcarrier provides innovative and tailored services for the transport, installation, and maintenance of offshore wind farms. Building on almost 170 years of offshore and marine experience, Fred. Olsen Windcarrier was established in 2008 to service the growing offshore wind sector. The company currently owns and operates two class leading jack-up vessels and have installed more than 300 wind turbines in harsh offshore conditions. Fred. Olsen Windcarrier and related offshore wind companies today employ approximately 800 people within renewables.
Please visit Fred. Olsen Windcarrier´s website at www.windcarrier.com for additional information.
