Following found at SOFF website:

Agreement on New build

Solstad Offshore ASA (SOFF) has entered into an agreement with Skrog 30 AS, owned by Sparebank 1 SR Bank and GIEK, for the purchase of a large anchor handling vessel. The contract was originally placed by SOFF with Karmsund Maritime Services AS.
Updated:26.08.2009

Solstad Offshore ASA (SOFF) has entered into an agreement with Skrog 30 AS, owned by Sparebank 1 SR Bank and GIEK, for the purchase of a large anchor-handling vessel; the contract was originally placed by SOFF with Karmsund Maritime Services AS.

The vessel shall be commissioned at Ulstein Verft. SOFF will take delivery of the completed vessel at the end of March 2010 at a cost of NOK 680 million.

Furthermore, a contract has been entered for financing of the vessel with Sparebank 1 SR-Bank as agents. The financing will amount about 90% of the vessel's cost price and will at drawdown consist of two loans of respectively 80% and 10% (top financing) of the cost price. The capital injection and the draw-down of the long-term loans will take place on hand over of the completed vessel.

The vessel is a VS 490 design and was originally designed in close cooperation with SOFF. It has 28,000 bhp, around 300 ton bollard pull, cabin capacity for 60 persons and is particularly well equipped for anchor-handling operations in deep waters (+1,000m). The vessel is designed with focus on safe anchor-handling and will be installed with Triplex MDH for remote operation of several deck operations.

SOFF expect that the deep water market will develop positively in the years to come and that this contract will further strengthen its position in this segment. In total SOFF has 50 vessels in operation or under construction (including SOFF's share of Rem Offshore and the 50% owned Nor Offshore in Singapore).

Skudeneshavn, 14.7.2009 Solstad Offshore ASA

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Comment:

This vessel was developed together between SOFF and Vik & Sandvik (Now Wartsila) and due to delays in the project face Karmsund ended up taking all cost that added due to changes during the hull construction with very much delays and increase in steel weight etc, etc.. When they asked for more contribution from SOFF they just sat down on the fence waiting. This might have been a key reason for the Karmsund bankruptcy mentioned in another article here. Sure they got it cheep from SR-Bank.

See the beautiful hull under towage from KMS:

Superfast sale

Greece’s Attica Holdings has sold a 700-passenger ro-pax to Brittany Ferries of France.

The Superfast V (built 2000) has fetched EUR 81.5m ($117.27m), the company said.
Brittany wants to the ship to boost its tourist business to Spain.
Delivery will be in February, 2010. The vessel currently runs between Greece and Italy.
Attica will book losses of EUR 3.5m

Karmsund Maritime Services has filed for bankruptcy today after failing to overcome its financial difficulties.

The yard’s demise immediately bought about the cancellation of two anchor handling tug supply (AHTS) vessels it was building for Solstad Offshore.

Karmsund, which admitted to TradeWinds in December it would need GIEK funds to complete the Solstad order, becomes the third Norwegian offshore shipbuilder to go out of business in the past six months.

Margaret Hystad, CEO of Karmsund, said: “Together with the representatives we have worked hard to avoid bankruptcy. Today, we must unfortunately recognize that this has not been possible.

She adds the focus has now switched to preserving jobs at Karmoy. “We still believe that it will be a resurrected shipyard business here and we will do our part to contribute to this,” she said.

“KMS has been a part of this community for 80 years and this is the toughest and saddest days in our history."

Oslo-listed Solstad immediately responded by confirming the cancellation of its two 300-tbp anchor handlers on order at Karmsund.

“The present breach of contract and the announcement for petition for bankruptcy means that the shipbuilding contracts are no longer considered as binding agreements. Solstad Offshore will on this basis claim all deposits under the refund guarantees,” a statement said.

Solstad paid NOK 1bn ($153m) when inking the two vessels in October 2006.

Originally delivery was set for December 2008 and May 2009. However, last October operational difficulties at Karmsund brought the future of the contract in to doubt.

TradeWinds reported in December the arrival of the first Solstad hull at Karmsund had done little to resolve the situation.

Arve Hystad, managing director of the shipyard division at Karmsund, told TradeWinds at the time: “We will definitely need a GIEK loan to complete the vessels as we are experiencing severe financial problems at the present time.

“The first hull has been delivered to us now but the delivery time for the vessel is still up in the sky.”

Earlier this week Singapore’s Ezra Holdings cancelled two offshore newbuilding at Karmsund after the yard said it would not be able to meet the delivery terms laid down in the deal.

Karmsund follows Norwegian shipyards Flekkefjord Slip and Havyard Solstrand into bankruptcy.

By Andy Pierce in London

http://www.tradewinds.no/offshore/article532136.ece

SpareBank 1 SR-Bank tar melding om oppbudsbegjæringen til etterretning.

Bankens samlede eksponering overfor selskapet Karmsund Maritime
Service AS er ca MNOK 290 tatt hensyn til garanti gitt av det
statlige Garanti-instituttet for eksportkreditt (GIEK).

Bankens eksponering er i all hovedsak knyttet til byggefinansiering
av to fartøy kontrahert av Solstad Shipping AS samt garanti for
inngått kontrakt med rederiet Lewek i Singapore. Det første fartøyet,
kontrahert av Solstad Shipping AS, er under utrustning ved verftets
anlegg på Karmøy. Det andre fartøyet er under bygging ved et
skrogverft i Polen.

Den oppståtte situasjon vil bli reflektert i de samlede tapsavsetninger for 1. kvartal. Nivået for disse avsetninger
forventes, samlet sett, å ligge innenfor et normalnivå for nåværende økonomiske konjunkturer.
Stavanger 10. mars 2009

Spørsmål kan rettes til:
Thor-Christian Haugland, konserndirektør kommunikasjon i SpareBank 1
SR-Bank
Telefon 480 31633

Informasjonen er distribuert av Hugin.
http://www.newsweb.no/index.jsp?messageId=230642

Please have your say

MV "Santos" - Vencaribe / Selkirk Management 1987-1993, ex. "Rheinfels" (Hansa) built HDW 12.1977 - ended up as "Cape Trinity" for Military Sealift Command - USA, 1993-2009 - still active.

Loa.: 193,32 m     B.: 27,21 m     D.: 8,60 m   15.075 tdw,

More details available, also for the sister vessels.                        


                                        

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