Business Services Industry
Deep Sea Supply Plc signs USD198.5m ship sake and leaseback deal with Ship Finance International Limited
Nordic Business Report, August 10, 2007
NORDIC BUSINESS REPORT-10 August 2007-Deep Sea Supply Plc signs USD198.5m ship sake and leaseback deal with Ship Finance International Limited(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Cyprus-registered Norwegian-controlled offshore supply vessels operator Deep Sea Supply Plc announced on Friday (10 August) that it has signed a heads of agreement for a ship sale and leaseback deal with Ship Finance International Limited.
The agreement covers the sale and leaseback of the anchor handling tug and supply vessels (AHTSs) Sea Cheetah and Sea Jaguar, built in 2007 at Jaya Shipyard in Singapore and the platform supply vessels (PSVs) Sea Trout, Sea Halibut and Sea Angler, built at Cochin Shipyard in 2007.
The sale will bring gross proceeds of USD198.5m, which will strengthen Deep Sea Supply's cash position by USD96m.
The vessels will be bareboat chartered back on 12-year agreements. Deep Sea Supply will also have the option of purchasing the vessels back at fixed prices.
Deep Sea Supply said that it "considers the sale and leaseback transaction a useful financing tool providing additional financial flexibility to the group".
Deep Sea Supply, headquartered in Arendal, Norway, operates a fleet of 12 offshore supply vessels and has a newbuilding program of another 16 vessels at shipyards in Norway, Singapore and India. The company is listed on the Oslo Stock Exchange and traded under the ticker 'DESS'.
One British pound (GBP) is worth approximately 2.04 US dollars (USD).
((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))
- 5 Rules for Immediate Annuities
- Death in the Family: 12 Things to Do Now
- Dumbest Things You Do With Your Money
- 6 Online Networking Mistakes to Avoid
- 401(k) Mistakes to Avoid
- 5 Economic Scenarios to Keep You Up at Night
- The Real ‘Best Places to Retire’
- Best Credit Cards for You
- 12 Tough Questions to Ask Your Parents
- The Real ‘Best Colleges’
- Home Buyer Tax Credit: How to Cash In
- Why You Shouldn't Bash Cash
- 8 Phony 'Bargains' and Better Alternatives
- Danger: 3 Debit Card Scams to Avoid
- 6 Myths About Gas Mileage
- 29 Fees We Hate Most
- Quick and Easy Ways to Boost Returns
- Best Stocks to Buy Now
- Lower Your Taxes: 10 Moves to Make Now
- New Jobs: 8 Lessons from Real-Life Career Switchers
- The New Job Market: Who Wins and Who Loses?
- Health Care Reform's Public Option: Everything You Need to Know
- Volunteer Work When Unemployed: Should You Work for Free?
- Whose Recovery Is This?
- Long-Term-Care Insurance: 4 Biggest Risks to Avoid
Content provided in partnership with
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- LIFO vs. FIFO: a return to the basics
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- Design a commission plan that drives sales - Sales Commissions
Presented by American Express