Sea4 selling pair on order

The Norwegian offshore company Sea4, established in July 2007, has been battling for several months to secure financing for the two IMR/Construction Support Vessels on order in Spain and has now signed a deal with a “significant and solvent player”.

Sea4 says the pact involves the takeover of two single ship companies which control the vessels. Chairman Atle Bergshaven, the leading shareholder and manager of all activities of Sea4, is refusing to name the buyer but sources say UAE based Halul Offshore is widely tipped as the company involved. It is said to have offered between $65m and $70m each for the newbuildings, which are slated for delivery next year.

A final decision on both sales is expected by the end of August, with further details difficult to come by while the due diligence process is underway. Sea4 paid $161m for the ST-254L CD designed ships at Freire Shipyard in Vigo for delivery in February and August 2010.

Bergshaven says funding from Norwegian Export Credit Institution for Export Financing is in place for the vessels, but the company has been unable to secure further loans from banks. As a result, he says, it is in the best interests of Sea4 shareholders to sell the ships.