Otto Marine Buys MV Seisranger

Seisranger AS, a subsidiary of Forland Shipping Group (Forland), has concluded the sale of its vessel named Seisranger to Otto Marine Limited on 30th of April 2014.

Otto Marine Buys MV Seisranger

The sale will trigger a NOK 75 million (circa USD 12.5 mil) redemption of the NOK 525 million (circa USD 88 million) Senior Secured Bond that E Forland AS has outstanding.

The MV SEISRANGER was built as a seismic vessel in 1993 and rebuilt in 2001 to become a state-of-the-art ROV/Survey/Construction vessel. Since its conversion in 2001, the vessel has been on charter to Halliburton/ Subsea7.

In January 2014 the Subsea7 charterparty for Seisranger was terminated.

Press Release, April 30, 2014, Image: Seisranger AS