Viking Supply Ships Extends Contract for Vessel Vidar Viking for Work in Russia

In November 2011, Rederi AB TransAtlantic announced that its business area Viking Supply Ships had agreed to enter into a contract with Sakhalin Energy Investment Company Ltd. (“Sakhalin Energy”) for a period of 2.5 years with additional option(s) to extend the contract by 4×3 months for the vessel Vidar Viking.

The agreement with Sakhalin Energy was conditional upon approval from the relevant financing banks as well as approval from the Board of Directors in Rederi AB TransAtlantic. This is now all in order.

Vidar Viking will perform icebreaking, supply and anchor handling services with start-up in the summer of 2012. The total gross value of the contract is approximately USD 70 million and the vessel will during six months initially sail under Swedish flag and thereafter under dual Cypriotic/Russian flag with Russian crew.

“This contract is an important step for our company,” says Christian W. Berg CEO in Viking Supply Ships. “There is a great potential demand for ice-strengthened OSVs and icebreaking vessels in the Russian regions which coincides well with our fleet and business strategy.”

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Source: Viking Supply Ships, May 1, 2012