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SINGAPORE COMPANY REPLACES SHIP FINANCE IN SCAN DEAL.
By David Hughes
Published: Tue, 4 November 2008
A US$150m deal between John Fredriksen-controlled Ship Finance International and SCAN Geophysical to buy three seismic survey ships with 12-year charters attached has fallen through “in light of significantly delayed deliveries” from Indian shipyard ABG. SCAN has however apparently acted rapidly to put a replacement financing package in place, provided by a Singapore company. The transaction was announced in March 2007, and the plan was to acquire the vessels immediately after delivery from the shipyard. The investment by Ship Finance was originally planned to be approximately $50 million per vessel in total. Net of financing, the equity investment was limited to approximately $10 million per vessel. As the investment was payable on delivery of the vessels, Ship Finance has not paid in any of the capital.
In a statement Norwegian-based SCAN said: “During the weekend SCAN has been working with an alternative solution, and has reached a mutual understanding with Pacific First Shipping Pte, Singapore (PFS), whereby PFS will acquire the vessels with seismic equipment and lease them back to SCAN on bare boat charters. PFS is affiliated with ABG Group, which is the majority owner of ABG Shipyard in India.”
SCAN plans to raise up to Nkr150m (US$22m) in new capital provided completion of the sale and lease-back transaction with PFS.
SCAN specialises in marine streamer seismic services. The company currently operates three seismic survey vessels, one 2D and two 3D streamer vessels, and will launch three new purpose-built 3D vessels with up to 10 streamers capacity during 2009. It is building three 10 streamer vessels at ABG Shipyard in India but the programme has been subject to delays. SCAN says that, with its yard supervisor V.Ships, it has achieved a performance related agreement with ABG to secure more reliable production schedules and delivery dates for the vessels.
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