Norway: Sale and Delivery of Siem Swordfish Concluded

Sale and Delivery of Siem Swordfish Concluded

Siem Offshore announces that the sale and delivery of support vessel Siem Swordfish was concluded on 31 July in line with the charterer’s purchase option that was exercised in December 2009.

The gross sales proceeds is in the equivalent of USD 54 million. The proceeds will be used to repay bank debt and to strengthen the working capital by USD 16 million, in order to support the Company’s newbuilding program. The gross sales proceeds is nominated in NOK and the Company will record a net loss of approximately USD 1.8 million in relation to the sale, due to a strengthened USD compared to December 2009.

The Siem Swordfish is a new ROV (remotely operated vehicle) support vessel constructed for Siem Offshore AS by Kleven Werft.

[mappress]

Shipbuilding Tribune Staff, August 1, 2012; Image: siemoffshore