Island Offshore Sells MPSV ‘Island Pioneer’

Island Pioneer KS, a subsidiary of Island Offshore Shipholding, LP, (IOSH) has sold the MPSV ‘Island Pioneer’ subsea construction vessel for MNOK 435 (approx. USD 70.4 million) in total proceeds.

The transaction has generated MNOK 265 (approx. USD 42.8 million) in liquidity for IOSH, after repayment of loans and minorities in Island Pioneer KS.

IOSH has also signed a new fleet loan financing replacing existing loans. The new financing has improved IOSH’s available funding by more than MNOK 300 (approx. USD 48.4 million), further strengthening the company’s liquidity position. The proceeds will be used to partly finance the company’s newbuild investment program and for general corporate purposes.

IOSH, January 20, 2014