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    Viking Supply Ships enters into sale and leaseback transaction

    Company News // January 22, 2013

    Viking Supply Ships recently entered into a sale and leaseback transaction with Norseman Offshore for the AHTS vessel Odin Viking.

    In the transaction the vessel is priced at US$52.85 million and a sellerís credit of US$5.4 million has been granted.

    Viking Supply Ships will record an accounting loss of around US$2.5 million and an improvement in liquidity of around US$25 million as a result of this transaction.

    The bareboat agreement with Norseman Offshore AS has duration of eight years with purchase and put options in the charter period.

    VSS will be responsible for all operating and maintenance costs during the charter. The lease will be classified as an operational lease in Viking's financial statements.


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