GC Rieber Shipping has entered into an agreement to sell the IMR / Walk-to-Work vessel Polar Queen, built at Freire Shipyard in 2011. The gangway onboard the vessel is excluded from the sale and will remain an asset for GC Rieber Shipping's vessels.

GC Rieber Shipping Announces Sale of Vessel
Caption: Offshore Support Vessel Polar Queen - Image courtesy of Helmut Ivers

The sale is expected to be completed in March 2021 and will result in a positive liquidity effect of approximately NOK 22 million after repayment of the vessel`s outstanding debt.

The sale to the undisclosed buyer will see the vessel leave the offshore industry.

"This is the second sale of vessels since August 2020 and provides GC Rieber Shipping with a further strengthened balance sheet, enabling us to deliver on our strategy to develop new profitable and sustainable maritime projects", Einar Ytredal, CEO of GC Rieber Shipping commented.