GC Rieber Shipping sells SURF vessel to Taiwanese offshore wind contractor

Norwegian owner and operator GC Rieber Shipping has sold the 2014-built SURF/construction vessel Polar Onyx to Taiwan-based offshore wind service player Dong Fang Offshore, a subsidiary of Hung Hua Construction.

Delivery is expected to take place in the first quarter of 2022 and includes a vertical laying system (VLS) tower onboard the vessel set to become a cable layer. 

The sale will result in a positive liquidity effect of around $20m after repayment of the vessel`s outstanding debt and an impairment of approximately $3m.

Einar Ytredal, CEO of GC Rieber Shipping, said: “The sale concludes a multi-year strategic process in converting GC Rieber Shipping into a modern project-house; delivering profitable and sustainable maritime projects. Following seven years of a depressed market, the company is emerging reshaped, debt free and excellently positioned as an attractive maritime partner, ready to invest in new vessel solutions contributing to the energy shift.”