Tankship Sold For Conversion to FPSO

Press Release
Wednesday, October 24, 2012

Belgian owners, Euronav NV, of  the VLCC 'Algarve' announce its delivery to the new owner for conversion.

The 298,969 dwt VLCC Algarve, built in 1999, was sold for USD 35,875,000 yielding Euronav a capital gain of USD 7.3 million which will be recorded, whilst the net cash proceeds available to the company after the mandatory repayment of its debt obligation will be USD 17.3 million.

The ship will be converted to a FPSO (Floating Storage Production & Offloading) vessel by her new owner and will therefore leave the worldwide VLCC trading fleet.

The firm price of this sale reflects on the company’s strategy to have set up an offshore department last year capable of understanding the needs of potential offshore buyers as well as having always maintained the ship well above industry standards.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Newport News, ODU Partner for Bachelor's Degree Program

Huntington Ingalls Industries (HII) announced today that apprentices at Newport News Shipbuilding will now have the opportunity to earn a bachelor of science degree

Navios Time Charters Two Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced  that the Nave Equinox and the Nave Pulsar have been chartered out

Azeri Shipyard, BP Sign Vessel Construction Contract

Azeri state energy company SOCAR's shipyard and British oil major BP have signed a $378 million deal to design and build a subsea construction vessel for the Shah Deniz II gas project,

Ship Repair & Conversion

Two Navy Contracts for GD Bath Iron Works

Included in the latest listing of contracts awarded by the US Department of Defense, Navy, are two contracts with General Dynamics Bath Iron Works, Bath, Maine.

Fred. Olsen Rig Upgrade Delayed; Costs Eyed

Rig to cost $195 mln to upgrade vs earlier $125 mln; upgrade to be completed in June vs earlier view April. Firm's down 5.6 percent. Norwegian rig firm Fred.

Grounded Navy Ship Repaired, Returns to Fleet

The Oliver Hazard Perry-class frigate USS Taylor (FFG 50), homeported in Mayport, Fla., successfully completed post-repair sea trials, April 21, the U.S. Navy reported.

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0969 sec (10 req/sec)