Vss News

Swedish-based Viking Supply Ships (VSS) in partnership with funds managed by Borealis Maritime, has entered into a contract to purchase two platform supply vessels (PSV) currently under construction. In addition to the partial ownership, VSS has been awarded full operational and commercial management of the vessels, the company said.VSS did not reveal specific transaction details, but said the pair has been acquired at a significant discount compared to original contract price…

Swedish OSV owner Viking Supply Ships (VSS) has signed a final agreement to complete the restructuring of its finances as credit committees of all its senior lenders have approved the completed programme. According to the agreed and approved restructuring, VSS loan facilities will carry significant less cash interest and instalments until maturity on 31 March 2020. Limited cash interest and instalments will be paid until Q4 2018. Financial covenants on the loan facilities are amended to provide Viking Supply Ships A/S with ample room to operate under the present challenging market conditions. Cash at hand exceeding a certain level will through a cash sweep mechanism be distributed as repayment of the bank facilities.

To further explore opportunities and strengthen its footprint in Russia, Viking Supply Ships (VSS) has entered into a strategic cooperation with Sevnor Ltd, a shipping and offshore company with extensive presence in the Russian offshore market.    VSS said it considers Russia to be a core region for its service offerings, and of significant importance for the company in the future. Russia holds significant oil and gas resources in its Arctic and Subarctic regions and has shown determination to pursue these in the years to come.   As a consequence, VSS has decided to close down its own offices in Moscow and Sakhalin, as future operations will be run in cooperation between the company and Sevnor Ltd.

Viking Supply Ships A/S (VSS) has received an early termination notice of the contract for the Ice-class 1A AHTS “Njord Viking”. The vessel has been working for Eni Norge in the Barents Sea and has also been part of the extended towing-preparedness in the area on behalf of the Norwegian Coastal Administration. The vessel was according to the contract with Eni Norge firm until the end of 2016, with optional periods of 2 x 6 months thereafter. According to the contract VSS will be entitled to a termination fee of approximately USD 13.300/day for the remainder of the firm period. The termination represents a loss of income during the remaining firm period of the contract of MUSD 3.3 in 2016.

In order to remain competitive and reduce costs, the management of Viking Supply Ships A/S (VSS) has decided to close down the Aberdeen office with effect from 1 July 2015. The Aberdeen office has operated the Viking PSV fleet and the organisational change is a direct result of the current weak market for these vessels. The purpose is to ensure a lean and efficient VSS organisation for the future. All administrative functions will be absorbed by the head office in Copenhagen. As a consequence VSS will enter into consultation with affected staff in the Aberdeen office. The change in the organisation will reduce the overhead costs for the segment and ensure that the financial solidity of the VSS group remains strong.

Buffalo Computer Graphics (BCG) Inc. has delivered a series of simulation products to Maritime Training International (MTI), in Jacksonville, Fla. MTI contacted BCG earlier this year and opened discussions to add simulation capabilities to its existing inventory of maritime training resources. MTI shipped three laptops to Buffalo for BCG engineers to install and configure two of the laptops with Raytheon’s NSC ECDIS software and ARPA/Radar software in addition to BCG’s Virtual Steering Stand (VSS) software…

The present EU and US sanctions are not expected to impact Viking Supply Ships’ operations and financials in 2014. It is too early to say whether sanctions will impact the drilling seasons 2015 and onwards. Four of Viking Supply Ships’ AHTS-vessels, of which three with ice class 1A and one icebreaker, are currently operating offshore Russia in the Kara Sea. The contract applies to the drilling seasons 2014 and 2015, with options for the drilling seasons 2016 and 2017. The drilling seasons are expected to commence around May each year. Viking Supply Ships is also contracted for consulting services related to the offshore operations in the Kara Sea for the years 2014 and 2015.

Viking Supply Ships says it has entered into a contract with a major oil company for their AHTS vessel 'Tor Viking'. The charter of the AHTS will be in the Far East region, commencing in June 2014. The duration is for 11 months firm, plus options to extend the contract by 2 x 6 months subject to availability. Viking considers that this contract strengthens its position within harsh environment operations. The value of the firm period of the contract is around US$ 34.5-million. Viking Supply Ships (VSS) core business is within the Offshore and Offshore/Icebreaking segment on a world-wide basis. The fleet comprises of 3 AHTS/Icebreakers, and  4 Ice classed AHTS along with one conventional AHTS.

Sweden's Rederi AB TransAtlantic owners of the offshore drilling vessel 'Tor Viking' inform that the charter agreement for “Tor Viking” for the 2014 and 2015 seasons has been cancelled but the contract is still valid for the remainder of its period covering 2016 & 2017. The duration of each season is approximately 7 months including mobilization and demobilization with commencement around May 1st each year. The drilling season 2014 has now been cancelled by the charterer and a cellation fee is to be paid to Viking Supply Ships (VSS).

Sweden's Viking Supply Ships (VSS) have opened an office in St. John’s, Newfoundland, Canada. They say they have had several vessels working in Canada over the past few years and the opening of the Canadian office will strengthen their strategic position in the Canadian market. Mr. Gerard Dunphy, who has been in the Offshore Business for over 20 years in Atlantic Canada, the Canadian Arctic, Alaska, Greenland and the North Sea, has been employed as the Managing Director. The company's parent…

Viking Supply Ships AS (VSS), a wholly owned subsidiary of Kistefos AS, has acquired a Scottish-based platform supply vessel company in a strategic move designed to augment its fleet portfolio and support its growth plans in international markets. It has acquired 100% of the share capital of SBS Aberdeen Ltd, the parent company of SBS Marine Ltd (SBS). SBS operates four platform supply vessels (PSVs) and has two additional PSVs under construction in Norway, to be delivered in November 2006 and February 2007.