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    DSND sells Buccaneer and sends two for scrap

    Vessel & ROV News // October 24, 2003
    DSND reports that it has delivered the well support vessel Buccaneer to its new owner in accordance with the Memorandum of Agreement, as reported on 1 September 2003.

    The sales price was US$7.5 million and the sale will result in an accounting gain of approximately US$5.2 million which will be recorded in the fourth quarter 2003.

    DSND has chartered the vessel on a financial lease with an ongoing purchase option since 1999. The cash effect following the exercise of the purchase option and the subsequent sale of the vessel is positive with US$ 3.5 million.

    DSND has also entered into an agreement to sell the two vessels, Atria and Helder, for scrapping.

    Both vessels were originally built in 1976 and have been in lay-up for several years. The agreed sales price equals book value.

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