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Pacific First Shipping replaces Ship Finance International in SCAN deal

Pacific First Shipping replaces Ship Finance International in SCAN deal

Mumbai: Singapore-based Pacific First Shipping has stepped into the breach to finance a $150m deal for three seismic survey ships on order from ABG Shipyard (pictured). The original contract, signed in March 2007 by John Fredriksen-controlled Ship Finance International and Norwegian-based SCAN Geophysical, fell apart on notification of significant delivery delays from the Gujarat-based yard.  The new deal will honour the with 12-year charters attached at the original contract

In a statement, SCAN said: "During the weekend SCAN has been working with an alternative solution, and has reached a mutual understanding with Pacific First Shipping Pte, Singapore (PFS), whereby PFS will acquire the vessels with seismic equipment and lease them back to SCAN on bare boat charters. PFS is affiliated with ABG Group, which is the majority owner of ABG Shipyard in India."

The company added that, with its yard supervisor V Ships, it has achieved a performance related agreement with ABG to secure more reliable production schedules and delivery dates for the vessels.  [04/11/08]