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    Cecon sells newly-acquired construction vessel

    Vessel & ROV News // September 18, 2014

    Having only recently taken delivery of its first newbuild, Cecon Pride, from Davie shipyard in Canada, seven years after the vessel was ordered, Cecon has sold the vessel and will retain only a minority interest in it.

    Cecon, through its subsidiary Rever Offshore and shipowning company Cecon Shipping 2, has reached an agreement to sell Micoperi Pride, formerly Cecon Pride, to a single purpose vehicle (SPV) FTAI Pride Inc, a company controlled by Fortress Investment Group. Fortress is a highly diversified investment manager with more than US$60 billion under management.

    Cecon will hold a minority shareholding in the buying company, and will together with Fortress collaborate to manage the vessel and identify and secure future charters for the vessel.

    The maximum cash consideration and 16.2 per cent of the SPV taken into account give an implicit valuation of the vessel at close to US$160 on a debt free basis.

    Cecon has reached the necessary agreement with York, the holder of all A and B bonds, to align receipt of the sales proceeds with repayment of the construction financing.

    Micoperi Pride recently arrived in Limassol and has entered a 10 month (with 1 plus 1 month options) charter with Micoperi.

    The vessel is to commence construction work for the Italian energy group Eni.



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