Four Vanguard FPSO deal complete

Four Vanguard FPSO deal complete

Following the previous announcement reported in July, Italian shipping company Premuda has announced that the indirectly controlled company, Four Vanguard Serviços E Navegaçao, has completed the joint venture deed dated 30 July 2015 with Yinson Heather, a wholly-owned subsidiary of Yinson Holdings Berhad. The newly formed joint venture named Anteros Rainbow Offshore is the new owner of the FPSO unit Four Rainbow which changed hands for an aggregate sale price of €60m ($67.5m).

Premuda Group holds now 49% of the issued share capital of the Singapore-based Anteros, whilst partner Yinson holds the remaining 51%; its principal activities will be owning and chartering the FPSO unit and shipmanagement services.

Premuda entered the FPSO industry in 2001 adding the provision of upstream and terminal services to the oil industry to its traditional core business of shipping with both tanker and bulk carrier vessels. The Genoa-based shipping company is currently involved in a restructuring with several banks, which agreed at signing a standstill agreement with a consequent sale of some assets.

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.

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