Ocean Ness DIS

Circulating in the market last week was an invitation to invest in Ocean Ness DIS, a Norwegian “internal partnership” formed by Fearnley Finans Shipping to acquire the Ocean Ness, a 2001 built Standby/Rescue/Multi Role vessel constructed in Norway. The vessel is to be acquired from Sartor Offshore Aberdeen Ltd and bareboat chartered for 9 years to Sartor Offshore Rescue Ltd, which obligation will be guaranteed by the parent, Sartor Offshore AS, for the bareboat period. The purchase price of the vessel is NOK 117.5 million with a total project cost of NOK 123 million, which includes, in addition, an arrangement fee (NOK 1.96 Million), bank and legal fees (NOK 1.54 million) and working capital (NOK 2.00 million). Appraised by Fearnley Offshore Supply AS and Seabrokers AS, the vessel has a charter-free value of NOK 130-145 million.

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