Forland Sells Seisranger Vessel to Otto Marine

Seisranger AS, a company in the Forland Shipping Group (Forland), has concluded the sale of the vessel Seisranger to Otto Marine Limited 30 April 2014.

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 and Subsea 7.

In January 2014 the Subsea 7 charter party for Seisranger was terminated.

Press Release, April 30, 2014; Image: Subsea 7