Sale of Vessel Polar Onyx

Source: www.gulfoilandgas.com 12/20/2021, Location: Europe

GC Rieber Shipping has entered into an agreement to sell the SURF / Construction Vessel Polar Onyx, built at Ulstein Verft in 2014. The sale includes the VLS tower onboard the vessel.

The buyer is offshore wind service conglomerate Dong Fang Offshore Co., Ltd, and Hung Hua Construction Co., Ltd. Delivery is expected to take place in the first quarter of 2022.

“Polar Onyx has since delivery proven herself as a solid and valuable asset in the SURF market. Starting out in Brazil in 2014, the vessel has performed robust operations on three continents on great depths. Polar Onyx has been an excellent showcase of GC Rieber Shipping’s capabilities as ship owner and vessel partner. It’s pleasing to see Dong Fang Offshore and Hung Hua Construction find our high-end asset attractive and have chosen our vessel as their future cable layer”, Christoffer Knudsen, CCO of GC Rieber Shipping commented.

The sale will result in a positive liquidity effect of approximately USD 20 million after repayment of the vessel`s outstanding debt. Due to the sale, an impairment of approximately USD 3 million for Polar Onyx is expected to be recognized as per 31 December 2021.

GC Rieber Shipping will continue to pursue its strategy as a shipowner and project-house with focus on developing profitable and sustainable maritime projects.

“The sale concludes a multi-year strategic process in converting GC Rieber Shipping into a modern project-house; delivering profitable and sustainable maritime projects. Following seven years of a depressed market, the company is emerging reshaped, debt free and excellently positioned as an attractive maritime partner, ready to invest in new vessel solutions contributing to the energy shift”, Einar Ytredal, CEO of GC Rieber Shipping commented.


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