CH Offshore has sold two anchor-handling tug supply (AHTS) vessels in what it described as part of a fleet management and renewal plan.
The Singapore-listed offshore marine services company said in a stock exchange announcement on Friday that it had tied up deals to sell the vessels during the second half of its 2020 financial year.
The ships were sold to “unaffiliated third parties” for a total of about $1.65m, before broker commissions and other expenses.
The sales, which are expected to result in a net loss of about $1.9m, were described as being “in the ordinary course of business, are in line with the Group’s fleet management and renewal strategy to lower the average age and increase the vessel specification of the fleet”.
“The cash proceeds of the disposals will strengthen the liquidity of the group and allow the group to reallocate its resources to improve and optimise the utilisation of assets and will be utilised for working capital and fleet expansion."
CH Offshore’s announcement did not name the ships that had been sold, and a company executive declined to reveal that information.
VesselsValue indicates at least one recent sale.
In late August, CH Offshore sold the 5,400-bhp AHTS Garnet (built 2005) to an Indian entity called Shivansh Offshore and Marine for $900,000. The ship was handed over to the buyer in September and renamed.
CH Offshore lists 10 AHTS vessels on its website, one of which is owned in a joint venture with Indonesia’s Bahtera Niaga Internasional.
