NOTE 20 – SHARE OF NEWBUILD CONTRACT

< Back
A B C D E F G H
NOTE 20 – SHARE OF NEWBUILD CONTRACT
               
In 2015 Solvang ASA signed two shipbuilding contracts with Hyundai Heavy Industries with a total value of MUSD 153.4. The contracts covered two Panamax newbuildings with delivery in 2017. The contracts was from the beginning intended for Partrederiet Clipper Sirius DA, but due to limited time in connection with the signing of contracts, they were temporarily placed in Solvang ASA. When the final bank financing was agreed upon, they were transferred to the shipowning company, Partrederiet Clipper Sirius DA, owned by Clipper Shipping AS (subsidiary of Solvang ASA). The newbuilding contracts were finally transferred to the company in the form of a Novation agreement in April 2016.

The contracts was to be regarded as jointly owned asset between Solvang (30%) and other co-partners via Audley Shipholding AS (70%). In connection with the payment of the first installment to the shipyard, Solvang received a transfer from Audley Shipholding AS of KUSD 10,738 and paid a total of KUSD 15,340 to the shipyard. Carrying deposit of newbuilding contract were thus netted with KUSD 4,602 (KNOK 37,549) and represents Solvang's share of the deposit.

This entry was posted in Notes konsern ENG and tagged . Bookmark the permalink.