Sweden-based Viking Supply Ships exits PSV market as it will execute a put option in minority shares of PSVs Coey Viking and Cooper Viking.
The company is disposing of its last remaining platform supply vessels, netting it $17.5m in cash.
The offshore player manages two partly owned PSV-vessels. The vessels are owned in partnerships with funds managed by Borealis Maritime. Viking Supply Ships owns 30% of the vessels, which are consolidated in the financial statements according to the equity- method.
The company said on Friday that it has terminated the management agreement on the 2021-built vessels Coey Viking and Cooper Viking, and executed a put option in the shares in the company owning the vessels.
The put option is regulated in the shareholders agreement between Viking Supply Ships and the company managed by Borealis Maritime, and the shares will be sold based on the market price of the two PSV’s to be decided by two designated shipbrokers.
VSS expects to book a gain of approximately $8.5m and a cash release of approximately $17.5m.
The transaction is expected to close in the second quarter of 2024 at the latest.
Viking Supply Ships AB is a provider of offshore anchor handling and ice-breaking services. Its fleet of high-end AHTS vessels is capable of working in the harshest and most demanding environments in the world.
The company also has full management for the five Swedish state-owned ice-breakers (Swedish Maritime Administration).
Recently, as part of an agreement between the Swedish Maritime Administration (SMA) and Viking Supply Ships (VSS), VSS has been called upon for escort and icebreaking services in northern Baltic Sea.
VSS will supply an additional vessel to the five vessels that Viking Supply Ships already operates on behalf of the Swedish Maritime Administration.
The company sealed the contract for 40 days, with the option to extend by up to 20 days, commencing in mid-January 2024.
