Eidesvik completes offshore construction vessel sale

Norway-based owner of offshore support and construction vessels Eidesvik Offshore has delivered the Viking Poseidon offshore construction vessels (OCV) to its new owner. 

To remind, Eidesvik in late February signed a memorandum of understanding for the sale of the Viking Poseidon OCV to an unnamed buyer.

The company said at the time that the sale of the Viking Poseidon would have a positive liquidity effect of around NOK 180 million ($21.6 million) after repayment of debt.

Eidesvik said on Wednesday that it had received the full proceeds from the sale of the vessel.

Also, the proposal for full settlement of Eidesvik Offshore’s Senior Unsecured Bond Issue 2013/2018 at 60 percent of par value is now only subject to approval from the bondholders since the other condition for settlement, full payment of proceeds for the Viking Poseidon, has been fulfilled. This will be addressed in a bondholders’ meeting Thursday, March 16.

Provided that the proposal is approved, the record date for full settlement of the bond loan will be set to end of business on Thursday. Payment and full settlement of the bond loan will in such case be expected to be carried out March 20, 2017.

The last contract the vessel had before the sale was supporting Siemens Wind Power’s operations in the German offshore wind sector.

Before that, the Viking Poseidon was with Harkand which entered into administration in May 2016 and consequently terminated the contract.

The Viking Poseidon is of an Ulstein SX 121 design built by Ulstein Verft Yard. It is 130 meters long and 25 meters wide and has 10,000 tonnes deadweight.

Offshore Energy Today Staff

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