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Thursday, January 20, 2022

GC Rieber Sells Polar Onyx Vessel to Taiwanese Offshore Wind Venture

Maritime Activity Reports, Inc.

December 20, 2021

Polar Onyx - Credit: GC Rieber Shipping

Polar Onyx - Credit: GC Rieber Shipping

Oslo-listed GC Rieber Shipping has agreed to sell its SURF / Construction Vessel Polar Onyx to Taiwan-based offshore wind service conglomerate Dong Fang Offshore and Hung Hua Construction.

The delivery of the vessel, built at Ulstein Verft in 2014, is expected to take place in the first quarter of 2022. The sale includes the VLS tower onboard the vessel.

"Polar Onyx has since delivery proven herself as a solid and valuable asset in the SURF market. Starting out in Brazil in 2014, the vessel has performed robust operations on three continents on great depths. Polar Onyx has been an excellent showcase of GC Rieber Shipping's capabilities as a shipowner and vessel partner. It's pleasing to see Dong Fang Offshore and Hung Hua Construction find our high-end asset attractive and have chosen our vessel as their future cable layer", Christoffer Knudsen, CCO of GC Rieber Shipping commented.

GC Rieber Shipping said the sale would result in a positive liquidity effect of approximately $20 million after repayment of the vessel`s outstanding debt. Due to the sale, an impairment of approximately USD 3 million for Polar Onyx is expected to be recognized as per 31 December 2021

"GC Rieber Shipping will continue to pursue its strategy as a shipowner and project-house with focus on developing profitable and sustainable maritime projects," the company said.

"The sale concludes a multi-year strategic process in converting GC Rieber Shipping into a modern project-house; delivering profitable and sustainable maritime projects. Following seven years of a depressed market, the company is emerging reshaped, debt-free and excellently positioned as an attractive maritime partner, ready to invest in new vessel solutions contributing to the energy shift", Einar Ytredal, CEO of GC Rieber Shipping said.

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