IOSH Announces Sale of MPSV Island Pioneer

Island Offshore Shipholding, LP, (IOSH) announces that Island Pioneer KS, where IOSH owns 70 %, has sold the Island Pioneer for MNOK 435 in total proceeds.

Island Pioneer is a MPSV-DP II vessel designed by Ulstein Verft, capable of conducting trenching work, crane work, subsea construction, ROV operations and supply duties.

The transaction generates MNOK 265 in liquidity for IOSH, after repayment of loans and minorities in Island Pioneer KS. IOSH has also signed new fleet loan financing replacing existing loans. The new financing has improved IOSH available funding by more than MNOK 300, further strengthening the company’s liquidity position.

The proceeds will be used to partly finance the company’s newbuild investment program and for general corporate purposes.

Press Release, January 20, 2014; Image: Island Offshore

 

Share this article

Follow Subsea World News

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

SPE/IADC Middle East Drilling Technology Conference and Exhibition

The theme for this conference is “Building on Today’s Efficiencies for Tomorrow’s Market.” This will be the basis for the technical agenda…

read more >

The World Future Energy Summit (WFES) 2018

WFES will also hold its annual conference, which sees international government and business experts come together to discuss critical global…

read more >

HYPACK 2018

This training event will offer instruction on the newest features of HYPACK® 2018 as well as comprehensive training for both novice…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >