GC Rieber Shipping Sells Polar King IMR Vessel

OE Staff August 20, 2020

Polar King - Image Credit: GC Rieber Shipping

Oslo-listed offshore vessel owner GC Rieber Shipping has agreed to sell the Polar King inspection maintenance and repair vessel to an unnamed buyer.

Due to the sale, an impairment of approximately USD 5 million for Polar King is expected to be recognized as per 30.06.2020.

The Bergen-based company said that the proceeds from the sale would be used to repay the vessel's outstanding debt in full. GC Rieber did not provide the financial details of the sale.

According to info on GC Rieber Shipping's website, the 110.6 meters long Polar King is currently on charter (until September) with marine cable supplier Nexans.

The multipurpose subsea vessel was built at Freire Shipyard in Spain and was delivered in March 2011.

The vessel is equipped with a 150-ton Active Heave Compensated (AHC) offshore crane, two WROVs, offers accommodation for 112 persons, and offers deck space of 960 square meters.

While the vessel owner said nothing on the value of the deal, VesselsValue, a specialist website providing vessel value estimates, has the Polar King valued at $23.9 million.