After Olympic Shipping sold two of its vessels to an unnamed, Norwegian limited company, the new owner awarded a contract for management and operations of the two vessels to its compatriot, shipping company, DOF.
DOF said on Wednesday that the unnamed Norwegian company, not owned by DOF, bought two vessels from Olympic, the Olympic Commander and Olympic Hera.
Subsequently, DOF has entered into a management agreement with the new owner company for management and operation of the two vessels, and has an option to purchase the vessels at a price corresponding to the outstanding debt or approximately 50-60% of historical build costs.
According to DOF, the subsea vessel Olympic Commander will be renamed Skandi Darwin, and it will be used by DOF on the Shell Prelude IMR contract in the Asia Pacific region. The vessel is of an MT 6015 design built by Kleven Verft in 2012.
The Olympic Hera is an Anchor Handling Tug Supply and Offshore Construction Vessel, and it will be renamed Skandi Hera. The vessels is of an Ulstein A122 design built by Ulstein Verft in 2009.
In a statement, CEO Mons S. Aase said, “The agreement reflects the challenging market conditions, but we see it as a vote of confidence in our global organization to be asked to manage and operate these vessels.
“Skandi Hera is a strategically important addition to our fleet. She can serve both as an AHTS vessel and a subsea vessel, and since most of our similar vessels are on long term contracts in Brazil, she will give us good exposure to the same markets in other regions. Skandi Darwin is a perfect vessel for the Shell Prelude contract in the Asia Pacific region.”
In related news, Olympic recently completed its financial restructuring. Through this process the company will create a new pure-play subsea structure, which would acquire 11 subsea vessels from Olympic Offshore.
Offshore Energy Today Staff