Island Offshore Group has sold the vessel M/V Island Champion, a UT776 design PSV-vessel delivered from VARD Brevik in March 2007.
Island Offshore says that the buyer is a third party Norwegian company. Delivery of the vessel took place on December 22, 2014.
The sales price is in line with the market valuation of the vessel.
According to the company, the sale of the vessel will have a positive cash effect for Island Offshore of NOK 130 million ($17.5 million), and a sales gain of NOK 115 million ($15.4 million) will be booked in Q4/14.
A 5 year lease-back agreement (bare boat contract) is entered into between the new owner and a company within the Island Offshore Group.