Reference is made to Golden Ocean Group Limited's ("Golden Ocean" or "the Company") press release dated November 9, 2007 informing about the sale of the six Panamax vessels under construction at Pipavav Shipyard in India. Reference is also made to the information given related to this transaction in the Prospectus dated June 29, 2009 released by the Company.
The buyer of the vessels, Brittania Bulk Finance Limited, (ultimately owned by Brittania Bulk Holdings Inc) has since March 13, 2009 been subject to administration under the supervision of the UK courts. Brittania Bulk Holdings Inc went into administration under the Insolvency Act 1986 of England and Wales in November 2008.
The administration of Britannia Bulk Finance Limited created a high uncertainty linked to our counterpart's ability to ultimately take delivery of the six vessels. The fact that the yard experienced delays in their delivery schedule further highlighted the uncertain outcome of the transaction. In this difficult situation Golden Ocean has sought for a solution which gives the company a higher degree of certainty. The discussions with the counterpart have been progressing during the last half year.
The Board of Golden Ocean is pleased to announce that an agreement has been reached with the buyer of the vessels. Through this agreement the parties have mutually accepted to terminate the purchase agreements for all six vessels against certain considerations from the buyer. Golden Ocean will as a direct consequence of this agreement realize a profit of approximately $53.8 million, effectively by reducing the company's liability with a similar amount. The profit will be recorded in the third quarter of 2009.
It currently seems unlikely that Pipavav Shipyard will be able to deliver at least the first two vessels within the cancellation dates. Golden Ocean has entered into discussions with the shipyard regarding an alternation of the existing contracts. However, Golden Ocean will only agree to such alterations subject to such a deal clearly creating additional value for Golden Ocean's shareholders.
Hamilton, Bermuda
August 4, 2009
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Oversættelse: Engelsk » Dansk
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Pressemeddelelse fra Golden Ocean Group Ltd 04.08.2009
Der henvises til Golden Ocean Group Limited's ( "Golden Ocean" eller "Selskabet") pressemeddelelse dateret den 9. november 2007 at orientere om salget af de seks Panamax skibe under bygning på Pipavav Værft i Indien. Der henvises også til de oplysninger, der gives i forbindelse med denne transaktion i prospektet dateret den 29. juni 2009 udgivet af selskabet.
Køberen af de fartøjer, Brittania Bulk Finance Limited, (i sidste ende ejet af Brittania Bulk Holdings Inc) har siden 13. marts 2009 været genstand for administration under tilsyn af de britiske domstole. Brittania Bulk Holdings Inc gik ind administration under Insolvency Act 1986 i England og Wales i november 2008.
Administrationen af Britannia Bulk Finance Limited skabt en stor usikkerhed forbundet med vores modpart evne til sidst at tage levering af seks skibe. Den omstændighed, at værftet oplevet forsinkelser i deres leveringstidsplanen yderligere fremhævet det usikre resultat af transaktionen. I denne vanskelige situation Golden Ocean har søgt en løsning, som giver virksomheden en højere grad af sikkerhed. Drøftelserne med de counterpart har været fremskridt i løbet af det sidste halve år.
Bestyrelsen for Golden Ocean er en glæde at meddele, at der er indgået en aftale med køberen af skibene. Gennem denne aftale har parterne gensidigt accepteret at opsige købsaftaler for alle seks skibe mod visse overvejelser fra køberen. Golden Ocean vil som en direkte følge af denne aftale realisere et overskud på ca $ 53,8 mio effektivt ved at reducere virksomhedens ansvar med et tilsvarende beløb. Fortjenesten vil blive registreret i tredje kvartal af 2009.
Det øjeblikket forekommer usandsynligt, at Pipavav Værft vil være i stand til at levere mindst de første to skibe inden aflysningen datoer. Golden Ocean har indgået drøftelser med værftet om en vekslen af de eksisterende kontrakter. Men Golden Ocean vil kun godkende sådanne ændringer er underlagt en sådan håndtere klart skabe yderligere værdi for Golden Ocean's aktionærer.
Hamilton, Bermuda
4. august 2009
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4/8 2009 21:08 fcras 0
16263 Oprindelig aftale vedr salg til Britannia Bulk:
Sold ex yard delivery to Britannia Bulk (Konkurs/Bankrupt)
De 6 skipe er alle Panamax:
Golden Pearl - Q2/09
Golden Diamond - Q2/09
Golden Sapphire - Q3/09
Golden Crystal - Q4/09
Golden Brilliant - Q2/10
Golden Emerald - Q3/10
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Press release from Golden Ocean Group Ltd. 09.11.2007
Golden Ocean Group Limited ("Golden Ocean" or the "Company") has agreed to sell the six panamax newbuildings contracted in March 2007 at Pipavav in India. The vessels are sold for net sale proceeds of $352.8 million, and delivery to the buyers is expected to take place between March 2009 and July 2010.
Golden Ocean will initially receive $70.6 million of the purchase price. Golden Ocean will have the responsibility to finance the construction of the vessels with up to $174 million, before the remaining part of the sales proceeds of $282.2 will be paid at the delivery of the vessels.
The transaction will give a positive result of approximately $127 million, and this will be recorded at delivery of the vessels.
Golden Ocean's CEO Herman Billung says in a comment: "This transaction illustrates our Company's dynamic approach to the market. We are always looking for opportunities to increase values to our shareholders on short as well as long term basis."
November 9, 2007
Hamilton, Bermuda
