Island Offshore sells Island Pioneer - signs new financing dealVessel & ROV News // January 27, 2014
Island Offshore Shipholding, LP, has announced that Island Pioneer KS, in which IOSH owns a 70 per cent shareholding, has sold Island Pioneer for NKr 435 million in total proceeds.
The transaction generated NKr 265 million in liquidity for IOSH, after repayment of loans and minorities in Island Pioneer KS. IOSH has also signed new fleet loan financing replacing existing loans.
The new financing has improved IOSH available funding by more than NKr 300 million, further strengthening the company’s liquidity position.
The proceeds will be used to partly finance the company’s newbuild investment program and for general corporate purposes.