GC Rieber sells SURF vessel to Taiwanese offshore wind company

Norwegian shipowner GC Rieber Shipping has entered into an agreement with the Taiwanese offshore wind company Dong Fang Offshore for the sale of its SURF, construction vessel Polar Onyx.

The delivery of the 130-meter long vessel, built at Ulstein Verft in 2014, is expected to take place in the first quarter of 2022.

The sale also includes the VLS tower onboard the vessel.

“The sale concludes a multi-year strategic process in converting GC Rieber Shipping into a modern project-house, delivering profitable and sustainable maritime projects,” said Einar Ytredal, CEO of GC Rieber Shipping.

“Following seven years of a depressed market, the company is emerging reshaped, debt-free and excellently positioned as an attractive maritime partner, ready to invest in new vessel solutions contributing to the energy shift.”

According to GC Rieber, the sale will result in a positive liquidity effect of approximately $20 million after repayment of the vessel’s outstanding debt.

Due to the sale, an impairment of approximately $3 million for Polar Onyx is expected to be recognized as of 31 December.

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Earlier this year, Dong Fang Offshore, a subsidiary of Hung Hua Construction, bought the subsea multi-purpose vessel Pacific Constructor from Swire Pacific Offshore to strengthen its fleet serving the offshore wind sector in Taiwan and the Asia Pacific region.