TransAtlantic strengthens its position within Arctic offshore and signs long term contract with Sakhalin Energy
Rederi AB TransAtlantic’s wholly owned subsidiary Trans Viking Icebreaking & Offshore AS (“TVIO”) has agreed to an addendum to the charter party with the Swedish Maritime Administration (“SMA”) which gives TVIO an option to end the contract for Vidar Viking, one of the Company’s three Icebreakers/AHTS-vessels, for the upcoming season in 2012 and for the remaining seasons of the contract. SMA has also agreed to give TVIO the right to cancel the agreement for the option periods from 2015 and onwards for one of the Icebreaking vessels. At the release, TVIO will repay the prepaid charter hire for the relevant season(s).
TVIO has subsequently executed this option and entered into a contract regarding icebreaking services with the Estonian Maritime Administration for the season 2012 for Vidar Viking.
Further, TVIO has agreed to enter into a contract with Sakhalin Energy Investment Company Ltd. (“Sakhalin Energy”) for a period of 2.5 years with additional option(s) to extend the contract by 4x3 months for Vidar Viking. The vessel will perform icebreaking, supply and anchor handling services with start-up in the summer of 2012. The total gross value of the contract is approximately USD 70 million. The vessel will initially under six month sail under Swedish flag and thereafter under dual Cypriotic/Russian flag with Russian crew. The agreement with Sakhalin Energy is conditional upon approval from the relevant financing banks as well as approval from the Board of Directors in Rederi AB TransAtlantic.
For further information, please contact Christian Berg, CEO, Trans Viking Offshore A/S +45 (0) 41 77 83 80 or Gunnar Modalen, CFO, +46 (0) 304 67 47 00.
Rederi AB TransAtlantic (publ), org.nr. 556161-0113
Box 8809, 402 71 Göteborg
Tel +46 (0) 304 67 47 00
www.rabt.se
Rederi AB TransAtlantic is a leading Swedish shipping company. Operations are organised into two business areas; Offshore/Icebreaking and Industrial Shipping. The Industrial Shipping business area consists of five divisions: RoRo Baltic, Bulk, Short Sea Bulk, Container and Integrated Logistics. The fleet consists of 63 vessels and one anchor handling vessels on order scheduled to be delivered 2012. The company has about 950 employees. The sales for 2010 totalled SEK 3,600 million pro forma. The company’s B-shares are listed on the NASDAQ OMX Stockholm, Small Cap segment.
TransAtlantic is obliged to make this information public according to the Financial Markets Act and the Financial Instruments Trading Act (Sw: lagen om värdepappersmarknaden and lagen om handel med finansiella instrument). The information was submitted for publication on November 24, 2011 at 8.30 a.m.