A Norwegian limited company, not owned by DOF, has signed an agreement with Olympic Shipping regarding purchase of two vessels, Olympic Commander and Olympic Hera.
DOF has entered into a management agreement with the new owner company for management and operation of the two vessels, and has an option to purchase the vessels at a price corresponding to the outstanding debt or approximately 50-60% of historical build costs.
Offshore Support Vessel Olympic Commander - Image courtesy of Arjan Elmendorp
The subsea vessel Olympic Commander will be renamed Skandi Darwin, and she will be used by DOF on the Shell Prelude IMR contract in the Asia Pacific region.
Olympic Hera is an Anchor Handling Tug Supply and Offshore Construction Vessel, and she will be renamed Skandi Hera.
Offshore Tug/Supply Ship Olympic Hera - Image courtesy of Eugene Gillet
In a statement, CEO Mons S. Aase said, "The agreement reflects the challenging market conditions, but we see it as a vote of confidence in our global organization to be asked to manage and operate these vessels.
Skandi Hera is a strategically important addition to our fleet. She can serve both as an AHTS vessel and a subsea vessel, and since most of our similar vessels are on long term contracts in Brazil, she will give us good exposure to the same markets in other regions.
Skandi Darwin is a perfect vessel for the Shell Prelude contract in the Asia Pacific region."
Source: DOF Group