Idle brace sold

PetroProd has sold two laid up tankers in a bid to clear its debt, its chief executive says.

The Oslo-listed company offloaded the 105,433-dwt pair Archimid (built 1985) and Trust (built 1986) to an unidentified European buyer.

Martin Nordaas, CEO of PetroProd, told TradeWinds: “The market for FPSO and FSO conversions is very weak at present. The vessels are not in a good trading position so we decided to sell to reduce our debt.”

Nordaas refuses to reveal the identity of the buyer or say how much the two units sold for en bloc. “It was a good price in today’s market,” he said.

PetroProd says the deal will have no bearing on its financial results, but adds it will cut its debt and improve cash flow.

Following the sale, which should be completed in mid-December, PetroProd owns a jack-up rig and a single tanker under conversion into an FPSO. Both contracts are at Jurong Shipyard.

Trade Winds