Ocean HeavyLift Reaches Agreement Regarding Ancora Vessel
Ocean HeavyLift ASA (OHL) has reached a final agreement with Songa Ancora Pte Ltd (Songa) for settlement of the force majeure claim regarding the heavy lift vessel Ancora (tbr HeavyLift Ancora).
As part of the global settlement, OHL will take Ancora on a short-term bareboat charter party from Songa for mobilization of the vessel to Singapore where final testing and commissioning will take place and where the first cargo is expected to be loaded. The mobilization to Singapore for commissioning/testing will save time for OHL. The vessel is expected to sail from China soon and will be ready for operation in May/June.
After penalties and other agreed adjustments, OHL estimates that the final price of the vessel will be approximately US $90 million, which is $17 million below the initially agreed purchase price of $107 million.
The purchase agreement related to Ancora states that the sellers, represented by the subscribers, Spencer Energy AS, Syneco AS, Solan Capital AS and Offshore Heavy Transport AS, will subscribe for 8,750,000 new shares to be issued by Ocean HeavyLift ASA at a subscription price of NOK 36 per share.
The completion of the share issue is conditioned by the delivery of Ancora. Due to the delayed delivery of Ancora, the original subscription agreement and share issue authorization given in the extraordinary general meeting March 9, 2007, has expired. However, the Board of Directors of OHL has decided to offer the subscribers, Spencer Energy AS and associated companies, the same number of shares at the same subscription price using the general authorization to increase the share capital.
The general authorization given in the annual general meeting authorizes the Board to issue up to 12,900,000 shares. A new subscription agreement has been signed by OHL and the subscribers.
- Ocean HeavyLift Signs 4 New Contracts (May 27)
- Ocean HeavyLift's Vessel Ancora Sets Sail from China (May 20)
- Ocean HeavyLift Reaches Agreement Regarding Ancora Vessel (May 14)