Norway: Siem Offshore Sells Platform Supply Vessel

Norway-based Siem Offshore has completed the sale of the 2006-built mid-size PSV “Siem Danis” of VS 470 mk II design in accordance with sales agreement reported in December 2011.

The vessel sales price was USD 34 million, which represents a gain of approximately USD 14 million. The sales proceeds will be used to repay mortgage debt of approximately USD 20 million and to strengthen the Company’s cash position for business development purposes.

Siem Danis 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.

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Offshore Energy Today Staff, April 3, 2012