Siem Offshore Sells MRSV to Repay Bank Debt (Norway)

Siem Offshore Sells MRSV to Repay Bank Debt

Norwegian company Siem Offshore has announced that the sale and delivery of its Multi Role Service Vessel, Siem Swordfish, was concluded on 31 July in line with the charterer’s purchase option that was exercised in December 2009.

The gross sales proceeds is in the equivalent of USD 54 million. The proceeds will be used to repay bank debt and to strengthen the working capital by USD 16 million, in order to support the Company’s newbuilding program.

The vessel, specially designed for ROV & crane operations for seabed duties through moonpool or along ship sides. It is equipped with efficient azimuth thrusters and a dynamic positioning system for safe and economic world wide service.

The ship is a “green ship”, designed for low fuel consumption and excellent sea-keeping. This in addition to low noise and vibration in hull and superstructure ensure high comfort for personnel and environment.

Following the sale, Siem Offshore now holds a fleet of three MRSV’s with capabilities for light construction.

Offshore Energy Today Staff, August 1, 2012

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