Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

08043ac97764fff279b62ed396fe60c6

Vard disposes of previously unsold DSCV

Vard Holdings has finally managed to hive off another one of its orphaned diving support and construction vessels (DSCVs) with a sale to an undisclosed international customer. Sale price was also not disclosed.

The specialized vessels builder said in a stock market announcement that it had signed an agreement for the vessel which had previously been contracted by Harkand Group back in 2013. This deal went sour in 2016 when Harkand subsequently went into administration in May 2016. The original contract price was set at NOK1bn ($164.6m).

Read More: Vard exposed to Harkand bankruptcy

Vard has now cancelled the original contract with Harkand’s administrators to facilitate entering into the new agreement.

The sale of the vessel will allow Vard to reduce the capital employed by eliminating a vessel from its inventory and reduce its liabilities by reimbursing the related construction loan with a direct benefit from lower financial charges going forward as well as a better liquidity position, the company noted.

The vessel is of VARD 3 03 design, specially designed and equipped for diving and subsea operation duties. The vessel is outfitted with a 250 ton offshore crane and a twin bell 18 man saturation diving system, supporting split level diving operations to a maximum diving depth of 300m. Delivery is now scheduled from Vard Søviknes in the first quarter of 2019, and the vessel will in the meantime be finalized, tested and prepared for operations.

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish
Maritime_Market_User_Promo_4
Looking For Suppliers?

Maritime Market is the online marketplace for the global maritime industry, making it easy to connect with suppliers 365 days a year. Powered by an extensive database of maritime professionals and businesses.

Maritime_Market_User_Promo_4