The remaining vessel is subject to a separate offer from an overseas buyer, conditional on inspection and other normal terms.

Baghwan will pay for the package of two years, with Programmed to use the sale to retire debt.

While Programmed told the ASX it's still committed to providing marine and offshore manning, catering and logistics services, "owning a fleet of vessels in a single region is not considered a core part of our group strategy".

Broadsheet's weakened trading position hasn't helped things either, and Programmed says the transaction would remove the risk of further earnings volatility.

Programmed managing director Chris Sutherland attributed Broadsheet's earnings decline to construction projects concluding at the North West Shelf, Chevron's Gorgon and Inpex's Ichthys LNG mega-projects.

He said that with Programmed having acquired Skilled Group last year to create a $755 million entity, a large staff and maintenance facility management operation was created, so the sale was strategic.

"We're definitely committed to provide staffing, maintenance and other operational support services to the oil and gas industry - and that includes many of the companies that own or operate vessels as well," Sutherland told Energy News.

"So in some ways it removes a conflict we have between running our own vessels and trying to man, do catering and other services on other peoples' vessels as well."

He said that while Programmed's net debt as of acquiring Skilled was about $300 million, he emphasised the sale was not "because of the debt", because "we're very comfortable with the debt level that we've got".