Olympic disposes of subsea construction vessel

Olympic Athene, a wholly owned subsidiary of financially troubled ship owner Olympic Ship, has sold a multifunctional subsea support and construction vessel to Swire Pacific Offshore Operations Ltd.

Olympic said on Tuesday that it had completed delivery of the 2013-built Olympic Athene to Swire Pacific.

The vessel is an MT 6022 MKII design built by Kleven Verft. It is 115,40 meters long, 22,00 meters wide, with a deadweight of 6 480, and can accommodate 102 persons.

The company added that the sale would give immaterial accounting effect for the fourth quarter financial results, and a net positive cash effect of NOK 70 million ($8.4 million) after repayment of debt.

To remind, Olympic is in talks with secured lenders aiming to secure adjustment to the repayment profile of the financial debt of the company and its subsidiaries.

Since a standstill agreement was reached with the lenders in July, the company has so far been given its ninth extension to the original standstill agreement, the latest being until December 21.

Regardless of the standstill, the group continues to pay interest to the finance providers, and the secured lenders have agreed to postpone all amortization and maturities during the stand-still period.

Due to the current market conditions, a large number of offshore vessel owners, like Olympic, have seen their revenues fall due to the lack of work and overcapacity which forced many to try and reach a deal with shareholders to revise the debt terms to stay afloat.

Offshore Energy Today Staff

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