Norway: Siem Offshore Sells Platform Supply Vessel for $32 million

Siem Offshore has entered into an agreement for the sale of the 2007 built PSV ‘Siem Mollie’.

PSV ‘Siem Mollie’ of VS 470 mk II design has been sold to an Asian buyer at a price of approx USD 32 million. The vessel is scheduled to be delivered to its new owner within December 2010.

The ‘Siem Mollie’ completed its three years charter in October 2010, and is now trading in the North Sea spot market.

The gain on the sale will be approx USD 6 million to be recorded at the delivery of the vessel.

The sales proceeds will be applied to debt reduction and working capital.

Siem Offshore Inc. is an owner and operator of modern support vessels for the global oil and gas service industry.

The Company has grown significantly and has currently a fleet of 45 vessels, of which 9 are under construction. The Company’s fleet includes large anchor handling tug supply vessels, platform supply vessels, and other support vessels.

The Company has an integrated operation with offices in Norway, Brazil and Cayman Islands, and provides a wide range of services from its vessels, equipment and experienced onshore and offshore personnel with high focus on Health, Safety, Environment and Quality.

The Company’s vision is to become a preferred supplier of marine services to the oil and gas industry based on quality and reliability, and by providing cost efficient solutions by close cooperation with customers.

[mappress]

Source: Siem Offshore ,December 14, 2010;