CH Offshore details bareboat charter with purchase option

Contracts, Tenders and Rates - January 23, 2012

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The Board of Directors of CH Offshore Ltd says its subsidiary, Offshore Gold Shipping Pte Ltd (OGSP), has entered into a bareboat charter with a third party pursuant to which the charterer will charter from OGSP Aquamarine, a 2008-built 12,240 bhp anchor-handling tug supply vessel for a period of two years, with an option for the charterer to purchase the vessel at the expiration of the charter period.

In the event that the Board of Directors of OGSP, the Board of Directors of the company and/or the shareholders of CHO do not give approval for any reason whatsoever, the charterer shall have no right whatsoever to purchase the Vessel.

However, the charterer shall have an option to extend the charter for a period of two years at a charter hire to be mutually agreed between OGSP and the charterer.

If the Board of Directors of the company decides to proceed with the sale of the vessel, and the sale to the charterer constitutes a major transaction under Rule 1014 of the SGX-ST Listing Manual, the company will seek the shareholders’ approval at an extraordinary general meeting to be convened.

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