Otto Marine Buys MV Seisranger

Seisranger AS, a subsidiary of Forland Shipping Group (Forland), has concluded the sale of its vessel named Seisranger to Otto Marine Limited on 30th of April 2014.

The sale will trigger a NOK 75 million (circa USD 12.5 mil) redemption of the NOK 525 million (circa USD 88 million) Senior Secured Bond that E Forland AS has outstanding.

The MV SEISRANGER was built as a seismic vessel in 1993 and rebuilt in 2001 to become a state-of-the-art ROV/Survey/Construction vessel. Since its conversion in 2001, the vessel has been on charter to Halliburton/ Subsea7.

In January 2014 the Subsea7 charterparty for Seisranger was terminated.

Press Release, April 30, 2014, Image: Seisranger AS

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