Yiulian gets cash back from Jasper

Singapore: Singapore-listed Jasper Investments announced that it has entered into a memorandum of agreement (MOA) with Alyar Offshore and Chinese shipyard Yiulian, for the sale of the converted accommodation semi-submersible vessel Jasper Cosmopolitan for $75.6m, as it failed to take delivery of the vessel due to its inability to complete payment and Yiulian Shipyard exercised its right to sell the vessel under the contract.

$73.6m will be paid to Yiulian Shipyard, covering an agreed balance $68.7m, the costs of the sale, and 25% of the remaining balance. Japser will retain the remaining $2m to be used as working capital. [03/11/14]

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