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Tasik Subsea takes ownership of Southern Star

Chinese shipbuilder Mawei Shipbuilding has confirmed the sale of 2017-built high-specification dive support vessel (DSV) Southern Star to Singapore owner Tasik Subsea.

Tasik Subsea ordered the DSV at the yard in 2014 for a price of $110m but the deal was renegotiated to a chartering arrangement due to the industry downturn.

The yard has now entered into an agreement with Tasik again to sell the vessel, which is now on a five-year charter contract with Fugro.

Tasik Subsea told Splash the transaction has an economic value of over $100m, which is made up of a $57m tranche from a combined term loan from NIBC/Hayfin, Tasik’s invested equity plus a small amount of yard sellers credit.

Zeng Jinzhu, general manager of Mawei Shipbuilding, said the yard is still facing challenges due to the offshore market downturn and the yard’s current operational focus is to guarantee the delivery of newbuildings and dispose of inventory vessels.

It currently has an orderbook of over 50 vessels.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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