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    DeepOcean exercises option to acquire Arbol Grande

    News // January 4, 2008

    DeepOcean ASA’s subsidiary DeepOcean Shipping AS has notified the owner of the multi-purpose support vessel Arbol Grande of its intention to exercise an option to purchase the vessel at a price of Euros 28.75 million.

    Arbol Grande is owned by North Sea Commander Shipping AS, a subsidiary of North Sea Shipping.

    According to an agreement with NSS, DeepOcean has the option to purchase the vessel at a price of Euros 28.75 million on June 9th 2008.

    Ten per cent of the payment will be made at signing of the final agreement with NSS (estimated in February 2008) and the remaining payment will be on delivery in June 2008.

    The transaction will be fully financed through a new bank facility.

    The acquisition is in accordance with DeepOcean’s strategy of increasing the number of vessels it owns, and is especially attractive given that the price the company is paying for the vessel corresponds to approximately 52 per cent of her current market value.

    Arbol Grande was built in 2003 and is a general construction and subsea support vessel with DP 2. The ship is 94m long with an accommodation capacity of 199.

    Currently, the vessel is operating as an inspection, maintenance and repair vessel for Constructora Subacuática Diavaz in Mexico.

     

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