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Solstad Offshore ASA Announces Financial Settlement Related to Exits From Financial Leases and Acquisition of Vessels by Company's Joint Venture and Subsidiary


Thursday, 14 Feb 2013 08:38am EST 

Solstad Offshore ASA announced that it previously owned three vessels which were leased on long-term charters from British holding companies. In 2008, the Company acquired the vessels through companies in which Solstad Offshore owns 62.5% (two vessels) and 50.1% (one vessel). The conditions, and particularly the tax conditions, in these agreements could result in additional costs for the Company. An agreement has been established between the previous owners, British tax authorities and the Company on a settlement which results in an expense posting in the fourth quarter of 2012 of approximately GBP 9.7 million (approximately NOK 83 million), in addition to the Company's share of the cost for the 50.1% owned joint venture of GBP 1.9 million (NOK 16 million). This settlement is significantly lower than the amount in the initial negotiations. The payment will be made immediately. The majority of this amount (approximately GBP 11 million) is financed through bank loans. 

Company Quote

102.0
-1.0 -0.97%
29 Aug 2014