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.

Forland Sells Seisranger Vessel to Otto Marine

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

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