Singapore-based offshore platform operator Ezion Holdings has entered into a memorandum of agreement with EBO Investment Holdings for the sale of 2016-built wind turbine installation vessel Teras Ocean.
.The Chinese-built vessel was sold for a price of $18.5m, and Ezion will use the proceeds from the sale to repay bank loans.
The company believes that without the required funding to reactivate and deploy the vessel for work, the disposal will allow it to stop incurring further operating costs and liabilities and also to reduce its outstanding liabilities.
According to the company, the net losses generated by the vessel for the first half of this year is around $10.43m.
