CRP sells two vessels

Company News - August 15, 2003

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Crystal Production (CRP) has sold their two vessels Crystal Sea and Crystal Ocean to an undisclosed buyer, notes Seabrokers in the latest issue of its monthly report, Seabreeze.

The deal has already been approved by Crystal Production's banks.

Market rumours suggest a price level $30-35m en bloc, which is substantially lower than the mortgage of the vessels ($59m) and hence leaving Crystal Production with substantial negative equity and no assets.

The vessels have had substantial problems finding employment with their current process equipment and it will be interesting to see what plans and applications the new owners will have for them.

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