Singapore-based Alyar Offshore has signed Memorandum of Agreement (MOA) to buy the Jasper Cosmopolitan after Yiulian Shipyard exercised its right to sell the vessel under the contract.
The $75.6m price tag is well below a tabletop valuation of $160m. Of the $75.6m in proceeds $73.6m will be paid to Yiulian Shipyard, covering an agreed balance $68.7m, the costs of the sale, and 25% of the remaining balance.
Japser will retain an expected balance of $2m to be used as working capital. The company will book a $52.7m loss on the sale.
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