Viking Supply Ships has entered into a sale- and leaseback transaction with Norseman Offshore AS

by Hans | December 20th, 2012

Viking Supply Ships A/S (VSS) has entered into a sale and leaseback transaction with Norseman Offshore AS for the AHTS vessel Odin Viking. In the transaction the vessel is priced at MUSD 52.85 and a seller’s credit of MUSD 5.4 has been granted.

Viking Supply Ships will record an accounting loss of around MUSD 2.5 and an improvement in liquidity of around MUSD 25 as a result of this transaction.

The bareboat agreement with Norseman Offshore AS has duration of 8 years with purchase and put options in the charter period. VSS will be responsible for all operating and maintenance costs during the charter. The lease will be classified as an operational lease in VSS’ financial statements.

Viking Supply Ships’ core business is within the offshore and offshore/icebreaking segment on a worldwide basis. The fleet comprises of three AHTS/icebreakers, four ice classed AHTS´ along, one conventional AHTS, in addition to six Platform Supply Vessels. VSS holds a unique expertise within the general offshore industry dating back to the start of the company in 1974. 

Norseman Offshore AS is a single purpose company established by Pareto Project Finance AS. Pareto Project Finance is the leading arranger of shipping, offshore and real estate projects in Norway and has arranged projects since 1985. Today, the portfolio of Pareto Project Finance comprises more than 150 projects under management, with a value in excess of NOK 35 billion. Pareto Project Finance has about 70 employees and is part of the Pareto Group.

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