Oslo: DOF’s subsidiary Norskan Offshore in Rio de Janeiro has entered into an agreement to sell five ships operating in Brazil.
The buyers are companies owned by a Brazilian private equity funds managed by Mantiq Investimentos and Mare Investimentos.
The sale will release approximately $66.12m which will be used to pay off loans. The sale raises money and frees the company from some uncertainty in the current market. The sale will also reduce the company’s debt ratio. CFO Hilde Drønen is aiming for the company’s debt ratio to be down to 30% by 2018.
“We are very pleased to have entered into this agreement, and shall be looking forward to cooperating with the new owners. The sale is adapted to DOF’s long term strategy to prioritize ownership,” said CEO Mons S. Aase in a statement.
