UK offshore service provider James Fisher and Sons has sold its diving support vessel Subtech Paladin to Indian offshore vessel operator Seamec for $17.3m.

James Fisher said the move is in line with the group’s newly stated capital allocation policy to reduce leverage, in the short term, through the sale of non-core assets.

The 2008-built vessel was acquired from Toisa for $20.3m in December 2018.

Seamec chartered back the vessel to James Fisher in a firm deal worth around $1m, with multiple extension options.