As part of its fleet renewal plan, the Norwegian offshore vessel owner Sea1 Offshore is selling an 11-year-old offshore subsea construction vessel (OSCV) as part of its fleet renewal program.
Sea1 Offshore has signed an agreement with an “independent third party” to sell the OSCV “Sea1 Spearfish”, which was built in 2014. The vessel is currently fulfilling a contract with PXGEO, and the remaining confirmed contract period has been reflected in the sales price.
The sale, which is subject to market conditions, will generate approximately $40 million in proceeds, with existing $39 million in debt to be repaid following the transaction. The transaction is expected to close in May, subject to customary closing conditions.
To promote fleet renewal, Sea1 Offshore has ordered a total of four offshore energy support vessels (OESVs) from COSCO SHIPPING (Qidong) Offshore, which were ordered at the end of 2024 and March 2025 respectively. The new vessels will be fully delivered before 2027 and will all serve the oil, gas and renewable energy markets.
The four vessels will have similar designs and features. Based on Skipsteknisk’s ST-245 design, the vessels will be 120 meters long, with a cargo deck area of 1,400 square meters, equipped with a 250-ton deck crane, accommodating up to 120 people, and equipped with an ROV and moon pool. The engines will be able to use 100% biofuel and meet “methanol ready” requirements.
Sea1 Offshore is a private limited company, formerly Siem Offshore, listed on the Oslo Stock Exchange in Norway. The company was founded in 2005 and has a fleet of 27 vessels.