Eidesvik sells and buys vessels

Vessel & ROV News - May 4, 2012

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Eidesvik in Norway has entered into sales agreements of US$64 for two supply vessels, Viking Surf (built 2002) and Viking Thaumas (built 2005). Both vessels are employed on contracts in Brazil.

Delivery of the vessels is expected to take place in the first half of May 2012 and the company will record a gain of approximately NKr 77. A seller credit of US$12 is established in connection with the transaction. The credit is secured by a bank guarantee and will be repaid by 12 installments during the next 12 months. The transaction will give a positive net liquidity of US$32 after loans have been paid.

Simultaneously, Eidesvik has entered into an agreement to acquire a UT 755L supply vessel built at STX Aukra Norway in 2004, for US$24 million. Delivery is expected to take place during first half of May 2012.

"The financial return on the operations in Brazil has not been as good as expected," said Eidesbik. "Hence, Eidesvik has chosen to sell thesvessels now to be positioned to invest in vessels that give significantly higher returns.

"The new supply vessel will be used in the spot market in the North Sea for the summer season 2012. We expect this market to be strong this summer. When the summer season is over, the company will consider in which region the vessel will be traded further."


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