Swissco Offshore, wholly-owned by Swissco, has entered into a memorandum of agreement with Australian Maritime Systems Asset Holdings in relation to the sale of the vessel Coral Knight.
The consideration for the proposed disposal of the vessel is $7.2m, with Swissco Offshore expecting to receive $7.03m after deducting sales commission. As at 30 November 2016, the net book value of Coral Knight was around $5.02m.
The vessel is currently bareboat chartered to Australian Maritime Systems Asset Holdings.
Singapore-listed Swissco said the proposal sale of the vessel is in line with the purposes of the interim judicial management to realise the group’s assets than would be effected by a winding up.
“Further, the interim judicial managers are of the view that the proposed disposal will help to reduce the group’s liabilities in view of the net cash inflow from the proposed disposal,” Swissco stated.
“In particular, the Swissco Offshore sale proceeds will be sufficient to pay down all of the amounts owning under the OCBC facilities, and allow the discharge of the mortgage over another vessel owned by the group known as Swissco Synergy (utility/safety standby vessel) which is also mortgaged to OCBC to secure the OCBC facilities,” it added.
Swissco has been hit by mounting debts due to the severe downturn of the OSV market, resulting in the company filing to be placed under judicial management. Last month, Swissco revealed that five bidders are being assessed in relation to buying some or all of the assets of Swissco and the subsidiary Swissco Offshore.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
