Nimrod Sea Assets Buys into Volstad Maritime

Nimrod Sea Assets has completed its fourth transaction for USD6.65m by way of a 17.5% stake in Volstad Maritime II DIS, a partnership which owns the M.V. Oceanic Endeavour.

Oceanic Endeavour is a high-end, 16 streamer, seismic vessel bareboat chartered to CGG Eidesvik and then time chartered to CGG Veritas.

CGG Eidesvik AS is a joint-venture ship-management company between CGG Veritas and Eidesvik Offshore ASA and is based in Bergen, Norway. CGG Eidesvik AS operates a fleet of 10 high specification vessels all of which are time chartered to CGG Veritas.

Oceanic Endeavour was built in Norway in 2008 and had an extensive propulsion upgrade in 2010. The vessel is equipped with state-of-the-art integrated geophysical and data acquisition systems, many of which are proprietary to CGG Veritas. The current charter period is until 2018 when CGG Veritas has two five year extension periods to continue using the vessel.

Senior financing for the vessel is currently provided by Sparebanken AS and the Norwegian Guarantee Institute for Export Credit (GEIK).

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