HOUMA, La.--(BUSINESS WIRE)--SEACOR Marine Holdings Inc. (NYSE: SMHI) (“SEACOR Marine”) today announced it has completed the installation of the first hybrid power solution on an offshore support vessel (“OSV”) in the Gulf of Mexico, following the upgrade of the SEACOR Maya OSV to hybrid lithium battery power propulsion. After a series of successful sea and failure mode effect analysis trials, the SEACOR Maya was issued its Interim Class Certificate from the American Bureau of Shipping (ABS) with additional notation BATTERY-Li, the first ever ABS OSV to have this notation. SEACOR Maya is currently operated by Mantenimiento Express Maritimo, S.A.P.I. de C.V. (“MexMar”), SEACOR Marine’s joint venture in Mexico.
“The successful installation of a hybrid power solution along with the first ever ABS OSV BATTERY-Li notation is a big milestone for our company,” said John Gellert, SEACOR Marine’s Chief Executive Officer. “We have long believed that cutting edge hybrid power technology has the potential to improve vessel efficiency, while reducing fuel consumption and emissions by as much as 20 percent. Early indications from sea trials of SEACOR Maya put us well within reach of this target and validate the success of our investment.”
“The new hybrid lithium battery system will also help us improve safety, drive energy efficiencies and reduce our overall environmental impact. As governments tighten emissions standards, this technology will be a key competitive differentiator, leaving us well placed to take advantage of an upturn in the market.”
SEACOR Marine contracted with ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, in March 2018 to class the SEACOR Maya as the first OSV in the Gulf of Mexico to operate using hybrid power. Following the vessel’s successful modification to hybrid lithium battery power propulsion, ABS provided the additional BATTERY-Li notation for the SEACOR Maya in May 2018. SEACOR Marine conducted the upgrade project on the SEACOR Maya at Bollinger Shipyards in Morgan City, Louisiana. Sea trials of the vessel were conducted in mid-May 2018.
SEACOR Marine has also engaged with ABS to provide the additional BATTERY-Li notation on three additional OSVs operated by MexMar, including SEACOR Azteca, SEACOR Warrior, and SEACOR Viking. The vessels are expected to be upgraded to a similar battery system as SEACOR Maya with the upgrade expected to be completed by September 2018. SEACOR Marine will also install the technology onboard six vessels under construction at COSCO shipyard in Guangdong. The first two vessels are due for delivery by the end of 2018, with the remaining vessels set for delivery in 2020.
The lithium-ion-based Orca Energy Storage Systems (ESS) for all four vessels in the Gulf of Mexico was supplied by Corvus Energy. Kongsberg Maritime designed the supply and integration of the hybrid power into the vessel’s control, power monitoring, and dynamic positioning systems. Corvus and Kongsberg are contracted for the remaining three vessels operated by MexMar as well.
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.
Forward Looking Statements
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company 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 the Company’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 the Company’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 the Company’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, changes to the status of applicable trade treaties including as a result of the U.K.’s impending exit from 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 the Company’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 the Company’s Common Stock, operational risks, effects of adverse weather conditions and seasonality, adequacy of insurance coverage, the ability of the Company to maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A (Risk Factors) of the Company’s Annual Report on Form 10-K and other reports filed by the Company 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 and investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’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 the Company 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 the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.