Seisranger Enters MOA to Sell MV Seisranger

Seisranger AS, a subsidiary of Forland Shipping Group, has entered into a Memorandum of Agreement to sell MV Seisranger to an undisclosed client.

The sale was done at market terms and a 10% deposit has been received by Forland.

The vessel, which is currently in layup mode, is expected to be delivered to its new owners in Bergen in the beginning of May.

The sale will trigger a NOK 75 million (USD 12.6 million) redemption of the NOK 525 million (USD 88.7 million) Senior Secured Bond that E Forland AS has outstanding.

Seisranger AS, March 13, 2014