Norway: Siem Offshore Sells MRSV Siem Swordfish

Siem Offshore announces that the sale and delivery of the Siem Swordfish was concluded on 31 July 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. The proceeds will be used to repay bank debt and to strengthen the working capital by USD 16 million, in order to support the Company’s newbuilding program. The gross sales proceeds is nominated in NOK and the Company will record a net loss of approximately USD 1.8 million in relation to the sale, due to a strengthened USD compared to December 2009.