Seacor Marine is evaluating strategic alternatives that may include a sale of the company, a merger, other business combinations, asset disposals or other transactions.
The company disclosed the review in its quarterly financial report and said it had retained independent financial advisers to assist with the process.
No timetable has been established for completing the review. Seacor Marine also said there is no assurance that the process will result in a transaction or another strategic outcome.
Non-executive chairman Andrew R. Morse said the board and management would consider the available alternatives to determine the best path forward. He referred to the company’s efforts in recent years to optimise its fleet, strengthen its balance sheet and prepare for improving offshore market fundamentals.
The review follows calls from two shareholders for Seacor Marine to consider a sale or begin monetising its fleet.
Jorey Chernett, chief executive of Michigan-based investment fund Pointillist Family Office, called in June for an immediate and comprehensive review of strategic alternatives. The fund is the largest shareholder in Seacor Marine, with 7.2% of the company’s outstanding shares.
Chernett said the process should consider an orderly sale of the company or a structured monetisation of its assets.
Several days later, Yoav Saffar, who represents approximately 3.5% of Seacor Marine’s outstanding shares, urged the company to begin a fleet monetisation process.
Saffar said market fundamentals, rising day rates and recent vessel transactions had created conditions for strategic alternatives that could increase shareholder value.
