Siem Offshore Releases the Swordfish to New Owners

Siem Offshore announced today the sale and delivery of the  4500T multi-purpose ROV support vessel, Siem Swordfish, which was concluded on July 31st.  This sale is in line with the charterer’s purchase option that was exercised in December 2009.

The gross sales proceeds is in the equivalent of USD $54 million which will be used to repay bank debt and to strengthen Siem Offshore’s working capital by USD $16 million.  Due to the strengthening of the US dollar over the past few years, Siem Offshore will record a net loss of approximately USD 1.8 million in relation to the sale.

The Siem Swordfish was built in 2007 by Kleven Verft AS and is an MT 6016 L design by Marin Teknikk AS.  The charterer was not disclosed.

Vessel Details:

• LOA: 103.7m
• LBP: 96.8m
• Beam: 19.7m
• Draft: 6.2m
• Cranes: (4 total) Hydra-marine including, (1) 150T active heave compensated (AHC) crane, (1) 70 AHC crane, and (2) 5T deck cranes
• Engines: 4 x Cat 3516HD, each 2100ekW, Diesel Electric w/ Rolls-Royce AZP100FP thrusters
• DP: Kongsberg SDP21 dynamic positioning system