Brief: Eidesvik Offshore Unit Enters Into Memorandum Of Agreement For Sale Of CSV Viking Neptun

Eidesvik Offshore ASA

12/01/2022 07:05

Jan 12 (Reuters) - Eidesvik Offshore ASA  EIOF.OL :
    * EIOF - ENTERS INTO MEMORANDUM OF AGREEMENT FOR SALE OF THE
CSV
VIKING
    * - EIDESVIK NEPTUN AS, A SUBSIDIARY OF EIDESVIK OFFSHORE
ASA
("EIDESVIK" OR "COMPANY"), HAS ON JANUARY 12, 2022 ENTERED INTO
A MEMORANDUM OF AGREEMENT ("MOA) WITH DREDGING, ENVIRONMENTAL
AND MARINE ENGINEERING NV ("DEME"), FOR SALE OF CSV VIKING
NEPTUN
    * MOA IS EXPECTED TO COMPLETE IN 4TH QUARTER OF 2022, POST
COMPLETION OF ONGOING CONTRACT WITH HAVFRAM
    * BASED ON TERMS OF MOA, EIDESVIK EXPECTS TO REVERSE
APPROXIMATELY
MNOK 240 IN PREVIOUS IMPAIRMENTS ON VESSEL IN 4TH QUARTER 2021
RESULTS
    * AT COMPLETION OF MOA IN 4TH QUARTER OF 2022, EIDESVIK
EXPECTS TO
BOOK A GAIN FROM SALE OF APPROX. MNOK 150
    * EXPECTED REVERSAL OF PREVIOUS IMPAIRMENTS AND EXPECTED
GAIN FROM
SALE WILL SIGNIFICANTLY INCREASE SHAREHOLDERS' EQUITY IN
CONSOLIDATED ACCOUNTS WHEN VESSEL IS DELIVERED TO BUYER
    * EIDESVIK MAINTAINS FULL RIGHTS TO ALL EARNINGS FROM VESSEL
UNTIL
DELIVERY TO DEME IS SCHEDULED TO TAKE PLACE IN 4TH QUARTER OF
2022
    * AT COMPLETION OF MOA, EIDESVIK'S LIQUIDITY POSITION IS
EXPECTED
TO IMPROVE BY APPROXIMATELY MNOK 330 FROM SALE

Source text for Eikon:  ID:nObi8F7tma 
Further company coverage:  EIOF.OL 

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