GC Rieber Shipping has entered into an agreement to sell the IMR vessel Polar King, built at Freire Shipyard in 2011.
Due to the sale, an impairment of approximately USD 5 million for Polar King is expected to be recognized as per 30.06.2020.
Proceeds from the sale will be used to repay the vessel's outstanding debt in full.
The Polar King is a multipurpose subsea vessel specially capable of execution operations under severe weather conditions with high manoeuvrability and station keeping capabilities.
The vessel provides offshore construction services, including cable lay support and trenching.
It is also suitable for inspection, maintenance and repair (IMR) operations.
Source: GC Rieber Shipping