GC Rieber disposes of Polar Queen

Norwegian offshore vessel owner GC Rieber has entered into an agreement to sell the IMR / Walk-to-Work vessel Polar Queen.

According to GC Rieber, the sale to the undisclosed buyer will see the vessel, built at Freire Shipyard in 2011, leave the offshore industry.

The gangway onboard the vessel is not part of the deal and will remain an asset for GC Rieber’s vessels.

The sale should wrap up in March 2021 and result in a positive liquidity effect of approximately NOK 22 million.

Einar Ytredal, CEO of GC Rieber Shipping, said:

“This is the second sale of vessels since August 2020 and provides GC Rieber Shipping with a further strengthened balance sheet, enabling us to deliver on our strategy to develop new profitable and sustainable maritime projects.”

The Polar Queen is a multipurpose subsea vessel.

It can provide services including offshore construction (CSV), inspection, maintenance and repair (IMR) operations.

Polar Queen accommodates a 150 ton offshore AHC crane, 119 persons and 960 sqm deck space. The vessel is of a Clean Design, built in accordance with the IMO SPS 2008 rules.

Polar Queen also mobilised for walk-to-work (W2W) projects and is a suitable vessel for offshore wind projects.

Specifically, it recently carried out a short-term contract for walk-to-work for a Tier 1 client in Europe for work in an offshore wind park.