Island Offshore sells the vessel M/V Island Champion

Island Offshore Group has sold the vessel M/V Island Champion, a UT776 design PSV-vessel delivered from VARD Brevik March 2007, the company said in its press release.
The buyer is a third party Norwegian company. Delivery of the vessel took place on December 22nd, 2014.
The sales price is in line with the market valuation of the vessel. The sale of the vessel will have a positive cash effect for Island Offshore of NOK 130 mill, and a sales gain of NOK 115 will be booked in Q4/14.
A 5 year lease-back agreement (bare boat contract) is entered into between the new owner and a company within the Island Offshore Group.