Boa halves OSV orderbook

qinxingchen

Boa Offshore has shred half of its newbuilding orders due to protracted tight financing market. Boa Offshore had originally booked up for four VS491CD-design AHTS and four VS495 DEM MKII-design multi-purposer platform supply vessels in 2008 at Nantong Mingde Heavy Industry of China. However, it plans to take deliveries of two of each ship type only. A total of eight newbuildings would cost around $450m. The Norwegian shipowner lost support from its main creditor Royal Bank of Scotland after the financial crisis and then it raised NOK 1bn ($175m) by its own. Then in 2011, Boa raised additional NOK 1.2bn from Norwegian and Chinese bond markets. The first AHTS was originally scheduled to be delivered in 2010, however, financing issues have put off delivery to April 2014. Published : March 6, 2013