Forland Group to Sell MV Seisranger

Seisranger AS, a company in the Forland Shipping Group (“Forland”), has entered into a Memorandum of Agreement to sell MV Seisranger 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/ Subsea 7. In January 2014 the Subsea 7 charterparty for Seisranger was terminated.

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Press Release, March 13, 2014