DeepOcean to purchase MPSV Arbol Grande

Source: EC

NORWAY: DeepOcean ASA's subsidiary DeepOcean Shipping AS decided to exercise its option to purchase the multi-purpose support vessel (MPSV) Arbol Grande for approximately US$42.1 million from North Sea Commander Shipping AS, a subsidiary of North Sea Shipping AS (NSS). According to valuations by two independent shipbrokers, the present market value of the 94-meter (308-ft) vessel is estimated at approximately US$81 million.

Under an agreement with NSS, DeepOcean has the option to purchase the vessel on June 9, 2008. Ten percent of the payment will be made at the signing of the final agreement, which is expected to take place in February. The remainder will be paid upon delivery in June. DeepOcean will fully finance the acquisition through a new bank facility.

The acquisition of the vessel is part of DeepOcean's strategy to increase its number of owned vessels.

The 2003-built Arbol Grande is chartered as an inspection, maintenance and repair vessel to Constructora Subacuática Diavaz and performing work for PEMEX offshore Mexico.