Cecon Sells ‘Micoperi Pride’ to FTAI Pride

Cecon ASA (Cecon), through its subsidiary Rever Offshore AS (Rever) and the ship owning company Cecon Shipping 2 AS (CS 2), has reached an agreement to sell the Micoperi Pride, formerly Cecon Pride, to the single purpose vehicle (SPV) FTAI Pride Inc, a company controlled by Fortress Investment Group.

Fortress is a highly diversified investment manager with more than 60 billion USD under management.

Cecon will hold a minority shareholding in the buying company, and will together with Fortress collaborate to manage the vessel and identify and secure future charters for the vessel.

The maximum cash consideration and 16.2% of the SPV taken into account give an implicit valuation of the vessel at close to 160 MUSD on a debt free basis.

Cecon-Takes-Delivery-of-Cecon-Pride-from-Davie-Yards

Cecon has reached the necessary agreement with York, the holder of all A and B bonds, to align receipt of the sales proceeds with repayment of the construction financing.

Micoperi Pride arrived to Limassol last Wednesday, and has entered a 10 month (with 1 plus 1 month options) charter with Micoperi. The vessel is to start construction work for the Italian energy group Eni.

Press Release, September 15, 2014

 

Share this article

Follow Subsea World News

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 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

Submarine Networks World 2019

As the key annual gathering for decision makers in the subsea communications value chain, they offer a dedicated platform…

read more >

8th International Conference 2019 Offshore Wind Power Substations

The International Conference Offshore Wind Power Substations is a technical event for experts in the wind industry.

read more >

Wind Turbine Towers

Wind Turbine Towers is a technical event for experts in the wind industry and the goal is to push forward technical development for future tower concepts.

read more >

Seatrade Europe 2019

The three day event will  take place in the hub of the European cruise industry, Hamburg; Germany…

read more >