GC Rieber hands over Polar Queen

Norwegian offshore vessels owner GC Rieber said Tuesday it has delivered the IMR / Walk-to-Work vessel Polar Queen to its new owner, following the sale agreement in February this year.

Polar Queen
Courtesy: GC Rieber

According to GC Rieber, the sale to an undisclosed buyer will see the vessel, built at Freire Shipyard in 2011, leave the offshore industry.

The gangway onboard the vessel, however, was not part of the deal and will remain an asset for GC Rieber’s vessels.

The sale should result in a positive liquidity effect of approximately NOK 22 million.

“This is the second sale of vessels since August 2020 and provides GC Rieber Shipping with a further strengthened balance sheet, enabling us to deliver on our strategy to develop new profitable and sustainable maritime projects,” said Einar Ytredal, CEO of GC Rieber Shipping in February.

In August last year, GC Rieber sold the construction support vessel (CSV) Polar King to Greek player Asso Group. The 110-metre ship, also delivered in 2011 by Freire Shipyard in Spain, now sails under the name Argo.