Viking Supply Ships has bought back a laid-up anchor handler for $1 from its largest shareholder Christen Sveaas so that the vessel can be sold.
The move emerged as the Swedish company posted a better result for the second quarter 2019.
Viking exercised its option to acquire the 15,440-bhp Odin Viking (built 2003) for $1 from a special-purpose company owned by Viking's major shareholder, Kistefos.
The company's restructuring agreement, which was approved by creditors in January 2018, included a call option to acquire the vessel from Odin Viking SPV.
The price tag is in addition to paying termination compensation, consisting of accrued and remaining bareboat charter hire under the restructuring agreement, Viking said.
Odin Viking was earmarked for sale to external buyers in August 2018 and would have incurred an $18m impairment loss if the transaction had been completed.
Three other ice-breaking AHTSs were sold to the Canadian government at the same time.
Viking Supply Ships narrowed its loss to SEK 19.0m ($2.0m) during the period, a drastic improvement compared to the loss of SEK 268.0m it posted in the second quarter 2018.
Revenue increased to SEK 111.0m from the SEK 92.0m recorded last year for the debt-free company, which is majority owned by Kistefos, an investment vehicle controlled by Norwegian investor Sveaas.
Aside from Odin Viking, the four other ice-breaking AHTSs in Viking's fleet are currently employed on medium-term contracts.
The 19,050-bhp AHTS Loke Viking (built 2011) has been on hire to Gazprom since mid-May performing supply duties off north-west Russia in the Pechora Sea, which is expected to terminate in mid-September.
The 19,050-bhp vessels Njord Viking (built 2011) and Brage Viking (built 2012) have been fixed to Shell UK on a supply duties contract that began in mid-April and will end within the next week, although extension options are attached.
"The group is currently working with several contract opportunities and notes an increasing number of term opportunities in the group’s core regions," Trond Myklebust, Viking's chief executive and president, said in the company's second-quarter report.
Viking expects that the AHTS will remain embattled for the foreseeable future.
"The North Sea spot market has improved during the second quarter, as a result of increased rig activity," Myklebust said.
"However, the group expects that the overall market conditions will likely remain somewhat challenging."
