Cecon sells OCV ‘Micoperi Pride’

Cecon ASA has reached an agreement to sell the Micoperi Pride, formerly Cecon Pride, to the single purpose vehicle (SPV) FTAI Pride Inc, a company controlled by Fortress Investment Group.

Fortress is a highly diversified investment manager with more than $60 billion under management. Cecon will hold a minority shareholding in the buying company, and will together with Fortress collaborate to manage the vessel and identify and secure future charters for the vessel.

The maximum cash consideration and 16.2% of the SPV taken into account give an implicit valuation of the vessel at close to 160 MUSD on a debt free basis.

Cecon has reached the necessary agreement with York, the holder of all A and B bonds, to align receipt of the sales proceeds with repayment of the construction financing. Micoperi Pride arrived to Limassol, Cyprus, last Wednesday, and has entered a 10 month (with 1 plus 1 month options) charter with Micoperi.

The vessel is to start construction work for the Italian energy group Eni.

Related: Cecon takes delivery of ‘Cecon Pride’

 

Press Release, September 15, 2014

 

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply