Cecon Sells ‘Micoperi Pride’ to FTAI Pride

Cecon ASA (Cecon), through its subsidiary Rever Offshore AS (Rever) and the ship owning company Cecon Shipping 2 AS (CS 2), has reached an agreement to sell the Micoperi Pride, formerly Cecon Pride, to the single purpose vehicle (SPV) FTAI Pride Inc, a company controlled by Fortress Investment Group.

Fortress is a highly diversified investment manager with more than 60 billion USD under management.

Cecon will hold a minority shareholding in the buying company, and will together with Fortress collaborate to manage the vessel and identify and secure future charters for the vessel.

The maximum cash consideration and 16.2% of the SPV taken into account give an implicit valuation of the vessel at close to 160 MUSD on a debt free basis.

Cecon has reached the necessary agreement with York, the holder of all A and B bonds, to align receipt of the sales proceeds with repayment of the construction financing.

Micoperi Pride arrived to Limassol last Wednesday, and has entered a 10 month (with 1 plus 1 month options) charter with Micoperi. The vessel is to start construction work for the Italian energy group Eni.

Press Release, September 15, 2014