ROVworld Subsea Information

Marine Subsea's Sarah ''arrested'' and up for sale
Date: Tuesday, December 21, 2010 @ 04:02:21 EST
Topic: GENERAL NEWS


Marine Subsea's Sarah "arrested" and up for saleSeabrokers reports that Oslo-based Marine Subsea’s construction vessel Sarah has been under arrest at Montrose, Scotland since early November with the vessel’s financiers demanding immediate payment of outstanding debts.



The vessel had been due to undertake an eight-well abandonment contract for Sonagol off Angola but is now warm stacked and being circulated for sale with an asking price in the range of US$90-130 million against a build cost of some US$146 million.

Newbuild sister vessel Karianne remains at the Ulstein Verft yard in Norway after financiers of that vessel withdrew their support.

The two SX-121 design well-intervention vessels are said to be attracting considerable interest from rival owners seeking a bargain.

Adding to the company’s woes, Seabrokers also said that Marine Subsea UK, formerly TS Marine, is in liquidation with KPMG appointed as provisional liquidator.


Source: Offshore Shipping Online







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