Siem AHTS Pool AS (“SAP”), a subsidiary of Siem Offshore Inc which owns 10 large AHTS vessels, has agreed to sell two AHTS vessel (“Siem Garnet” and “Siem Diamond”) to an independent third party. The vessels are sold for further trading outside the offshore shipping industry.
“Siem Garnet” was delivered to the Buyer today and “Siem Diamond” is scheduled for delivery during next week.
The Company’s objective is to reduce debt. This sale is done on market terms and at book values. Surplus cash after debt repayment on the two vessels sold will be used for additional debt repayment on the 8 remaining AHTS vessels in accordance with the restructuring plan agreed with our secured lenders last month. The debt in SAP will be reduced to USD104.6 million.
Reference is made to previous stock exchange notices on Friday 18th June 2021 by Siem Offshore Inc, “Siem Diamond”, the second of the two large AHTS vessels sold has today been delivered to the buyer. The company owns 8 large AHTS vessels after the sale.