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DOF sells five OSVs to Brazilian private equity fund

17th February 2015

DOF’s subsidiary Norskan Offshore in Rio de Janeiro, Brazil, has entered into an agreement for the sale of five ships operating in Brazil

DOF’s subsidiary Norskan Offshore in Rio de Janeiro, Brazil, has entered into an agreement for the sale of five ships operating in Brazil
The buyers are companies owned by a Brazilian private equity fund managed by Mantiq Investimentos and Mare Investimentos, based in Sao Paulo and Rio de Janeiro, Brazil. Source: DOF

“We are very pleased to have entered into this agreement, and shall be looking forward to cooperating with the new owners,” said Mons S. Aase, DOF chief executive. “The sale is adapted to DOF’s long term strategy to prioritise ownership and operations of more advanced ships in Brazilian waters.”

The ships included in the agreement are the Skandi Copacabana  (UT 722 L, built 2005), Skandi Leblon  (UT 755 L, built  2004), Skandi Flamengo (UT 755 L, built  2003), Skandi Yare (UT 755, built 2001) and the Skandi Stolmen (UT 755, built 1997).

The buyers are companies owned by a Brazilian private equity fund managed by Mantiq Investimentos and Mare Investimentos, based in Sao Paulo and Rio de Janeiro, Brazil.

Norskan Offshore will for now and latest until the current charter contracts are terminated, be responsible for the operation of the ships.

Two of the vessels, Skandi Leblon and Skandi Flamengo have firm contracts up for renewal in 2015. DOF has still a market risk related to renewal of these two charter contracts.

The sale will release approximately USD 66.3m (NOK 500m) of free liquidity to the shipowning companies on redemption of loans. Delivery of the ships is planned to take place in the period ultimo February to April.

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