Latest news from Heavy Lift & Project Forwarding International Magazine

Asia Energy Logistics pulls out of semi-sub deal

May 30 - HLPFI understands that Hong Kong-based Asia Energy Logistics (AEL) has backed away from a previously announced deal that it would be buying GPO Grace, a 65,000-dwt semi-submersible newbuilding, launched in December last year at China Shipbuilding

GPO Grace is one of four sisterships ordered in 2014 by Greenland Heavylift Holdings of Singapore from CSBC and which was due to be delivered this month, with commercial management, including chartering, engineering and operations the responsibility of Oslo and Singapore-based, GPO Heavylift.

The financing sale of GPO Grace fell through after the lapse of a memorandum of agreement (MoA) to acquire the ship announced in February this year, as reported by HLPFI here.

Under that agreement, AEL would have bought GPO Grace for USD103.3 million, funding the USD10 million down payment, plus a portion of the remainder through a private placement on the Hong Kong Stock Exchange.

It remains to be seen what will happen to the ownership of the vessel, which is entering a semi-submersible sector that is under intense pressure at the moment.

Heavy Lift | News

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