‘Island Pioneer’ Sold for $70 M

Island Offshore Shipholding, LP, (IOSH) today announces that Island Pioneer KS, where IOSH owns 70 %, has sold the Island Pioneer Multi-Purpose Supply Vessel for MNOK 435 (around $75 million) in total proceeds.

The transaction generates MNOK 265 in liquidity for IOSH, after repayment of loans and minorities in Island Pioneer KS. IOSH has also signed new fleet loan financing replacing existing loans. The new financing has improved IOSH available funding by more than MNOK 300, 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.

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Press Release, January 20, 2014