Two Norwegian vessel owners have sold support vessels from their fleets to cut overheads and debts
There is an ongoing trend of owners selling older assets to ease the market oversupply of anchor handlers and platform supply vessels (PSVs).
Solstad Offshore subsidiary Farstad Marine has sold 2007-built PSV Far Spirit to an unnamed buyer, delivering it on 22 June. It said the sale would result in an immaterial accounting effect for Q2 2021.
In May, Solstad subsidiary Farstad Construction sold PSV Far Scotia to an unnamed buyer and in April, Farstad Shipping sold 2006-built anchor handling tug and supply (AHTS) vessel Far Strait to an unnamed owner for an undisclosed price.
Solstad is using some of the funds from vessel sales to reinvest in the existing ships in the fleet. It said in June it will upgrade 2014-built construction support vessel Normand Ocean with a large battery installation after securing a long-term charter from DeepOcean in the North Sea.
Siem Offshore has sold two AHTS vessels to reduce its fleet to eight anchor handlers. It delivered Siem Diamond to the buyer on 18 June and has agreed to sell AHTS Siem Garnet.
These vessels have been sold for further trading outside of the offshore shipping industry.
Siem Offshore said it was selling vessels to reduce debt to US$104.6M. “This sale is done on market terms and at book values,” Siem Offshore said.
“Surplus cash after debt repayment on the two vessels sold will be used for additional debt repayment on the eight remaining AHTS vessels in accordance with the restructuring plan agreed with our secured lenders.”
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