Forland Shipping sells MV Seisranger to undisclosed client

Forland Shipping has, through its subsidiary Seisranger AS, entered into a Memorandum of Agreement to sell MV Seisranger vessel to an undisclosed client.

The sale was done at market terms and a 10% deposit has been received by Forland. The vessel, which is currently in layup mode, is expected to be delivered to its new owners in Bergen in the beginning of May. The sale will trigger a NOK 75 million redemption of the NOK 525 million Senior Secured Bond that E Forland AS has outstanding.

The MV Seisranger was built as a seismic vessel in 1993 and rebuilt in 2001 to become a state-of-the-art ROV/Survey/Construction vessel. Since its conversion in 2001, the vessel has been on charter to Halliburton and Subsea7. The Subsea7 charter for Seisranger was terminated in January 2014.

 

March 13, 2014

 

 

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