DEME to Buy Eidesvik's Viking Neptun Offshore Installation Vessel

January 12, 2022

Viking Neptun - Credit: DEME
Viking Neptun - Credit: DEME

Offshore installation company DEME has agreed to acquire Eidesvik's DP3 offshore installation vessel ‘Viking Neptun’. 

"Representing a substantial investment, this move highlights DEME’s commitment to its customers, and supports the continued growth of the offshore wind industry. This latest addition to its vessel fleet also confirms DEME’s mission to build future-proof, sustainable and environmentally friendly operations," DEME said.

The Viking Neptun currently has a turntable capable of handling 4,500 tonnes of cables below deck. DEME plans to increase the vessel's capacity by adding a second, 7,000-tonne cable turntable on deck.

"The addition of the vessel is in line with DEME’s strategy to deploy the most versatile and high-tech fleet in the industry. DEME already operates the pioneering, DP3 cable installation vessel ‘Living Stone’, renowned as one of the fastest and most efficient vessels in the cable installation sector," DEME said.

"Continuing DEME’s efforts to provide a future-proof, sustainable fleet, the vessel is fully compliant with the latest emission standards and features the latest environmental technology, including a battery pack for best in class fuel efficiency and more sustainable operations," DEME added.

The 145 m long vessel is equipped with a large, unobstructed deck and a 400-tonne Active Heave Compensated Knuckle Boom crane, which, DEME says, also makes ‘Viking Neptun’ ideal for the construction of floating wind farms.

The Viking Neptun’ is set to join the DEME fleet in the last quarter of 2022, post completion of the ongoing contract with Havfram. 

In a separate statement, the Norwegian offshore vessel owner Eidesvik said that based on the terms of the agreement with DEME, Eidesvik expects to reverse approximately 240 million Norwegian Crowns (around $27 million) in previous impairments on the vessel in the fourth quarter 2021 results. 

Further, at the completion of the sale, Eidesvik expects to book a gain from the sale of around 150 million crowns (around $17,1 million).

"In total, the expected reversal of previous impairments and expected gain from the sale will significantly increase shareholders’ equity in the consolidated accounts when the vessel is delivered to the buyer. In addition, Eidesvik maintains full rights to all earnings from the vessel until delivery to DEME is scheduled to take place in the 4th quarter of 2022," Eidesvik said.

Eidesvik said its liquidity position is expected to improve by approximately 330 million Norwegian Crowns (around $37,6 million) from the sale. 

Gitte Gard Talmo, the recently appointed President & CEO of Eidesvik Offshore ASA, said: "The sale will considerably strengthen the Company’s financial position, and enable us to reinforce our strategic focus on pioneering new emissions-reducing technologies in our fleet. Our spearhead vessel projects are attracting significant interest in the market and we will continue to develop our offerings of climate and environmentally friendly solutions to offshore vessel operations”. 

 Eidesvik and DEME are also currently discussing potential alternatives for Eidesvik and/or its crew to provide management services to DEME for the vessel after completion of the sale.




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