Norway: Siem Offshore Sells Mid-Size PSV

  • Business & Finance

Norway: Siem Offshore Sells Mid-Size PSV

Siem Offshore, an international supply and subsea shipping company with main offices in Kristiansand, Norway has entered into an agreement for the sale of the mid-size PSV “Siem Danis” at a price of USD 34 million to an undisclosed buyer.

The vessel is a Platform Supply Vessel designed to carry out regular supply functions and cargo transport for the oil industry as well as Standby functions. The vessel is designed with a well deck for maximum protection for cargo and crew.

The delivery is scheduled for first quarter 2012. The sale will represent a gain of approximately USD 14 Million.

The sales proceeds will be used to repay debt of approximately USD 20 Million and to strengthen the Company’s cash position for business development purposes said Siem Offshore in a press release.

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Offshore Energy Today Staff, December 20, 2011; Image: Siem Offshore

 

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