I.M. Skaugen SE sells gas carrier ‘Norgas Sonoma’ to SGPC
I.M. Skaugen SE abbounced that the LPG/Eth Gas Carrier “Norgas Sonoma”, a 8,556 cbm SR vessel built in 2003, was sold for USD25 million to Skaugen Gulf Petchem Carriers B.S.C. (SGPC), a strategic partner and associated company owned 35% by IMS and part of IMS’ core business; liquefied gas transportation, said in the company's press release.
The vessel was delivered to the new owners on 27th June 2013. IMS Group holds a 35% equity stake in SGPC and will through this transaction thus reduce its equity interest in the vessel with 65% and on a consolidated level the result from the vessel will be reduced to 35% of the vessels earnings. The vessel will continue to operate in the Norgas pool and under Norgas management.
The proceeds from the ship sale will be applied to repaying debt and strengthen the balance sheet. IMS has in the last weeks repurchased IMSK bonds for abt NOK107 million and realizes by these transactions a combined gain of abt USD2.5 million (sale of ship and repurchase of bonds).
