Norwegian shipping company Eidesvik Offshore has agreed to sell its three remaining seismic vessels, Veritas Viking, Vantage and Viking Vision, to two separate buyers. The vessels are currently being held for sale on the company’s balance sheet and will be sold this summer. The identities of the buyers have not been revealed. Eidesvik Offshore’s CEO Gitte Gard Talmo said that the sale would result in a profit of around NOK 63m (approximately $5.6m), and would strengthen the company’s already robust balance sheet.
Eidesvik Offshore sold its first seismic vessel, Viking II, in 2015, with the sale of the three remaining vessels indicating that the company is shifting its focus away from seismic exploration. Seismic vessels are primarily used in the oil and gas sector to locate hydrocarbon deposits beneath the seafloor, but the industry has been experiencing a downturn in demand due to the current oil market situation.
The sale of the three vessels forms part of Eidesvik Offshore’s efforts to restructure its business model and reduce debt in the wake of the oil market collapse in 2014. The company initiated a cost-saving programme in 2015 involving fleet reduction and job losses. Eidesvik Offshore has now reduced its fleet from 31 to 18 vessels and is continuing efforts to strengthen its financial position.
The Norwegian company has not revealed any plans as to how it intends to use the profits from the sale of the three vessels. Eidesvik Offshore’s main business is in offshore support vessels, servicing the offshore oil and gas industry. The company operates a variety of vessels providing services such as platform supply and safety standby. It also offers advanced seismic exploration services, which use autonomous underwater vehicles to map and document the seabed.
Eidesvik Offshore was founded in 2003 and is headquartered in Bømlo, Norway. The company has operations in Norway, the UK, Brazil and Ghana. Its fleet operates mainly in the North Sea and is equipped to meet the demands of harsh offshore environments.