GC Rieber enters Polar King sale agreement

GC Rieber Shipping has entered into an agreement to sell the construction support vessel (CSV) Polar King.

The Polar King is a multipurpose subsea vessel specially capable of execution operations under severe weather conditions with high manoeuvrability and station keeping capabilities.

The vessel provides offshore construction services, including cable lay support and trenching.

It is also suitable for inspection, maintenance and repair (IMR) operations.

Built at Freire Shipyard in Spain, Polar King joined GC fleet in March 2011.

Due to the sale, an impairment of approximately USD 5 million for Polar King is expected to be recognized as per June 30, 2020.

Proceeds from the sale will be used to repay the vessel’s outstanding debt in full.

The company did not disclose the name of the buyer.