DEME Acquiring Eidesvik’s Installation Vessel

DEME has entered into an agreement with Eidesvik to acquire the DP3 offshore installation vessel Viking Neptun, with the transaction expected to be completed in the last few months of this year as the vessel is currently working under a contract with Havfram.

According to information on Eidesvik’s contract with Havfram published by our sister site Offshore Energy last year, the vessel will be operating for the Norwegian subsea and offshore wind contractor until the end of the third quarter of 2022, starting this month.

Viking Neptun‘s large, unobstructed deck and a 400-tonne Active Heave Compensated Knuckle Boom crane makes it ideal for the construction of floating wind farms, according to the vessel’s soon-to-be-owner, who also plans to further boost its capacity for cable installation operations.

The 145-metre vessel, which currently has a cable turntable capable of handling 4,500 tonnes of cables below deck, is planned to be equipped with a 7,000-tonne turntable on the deck once it joins the Belgian offshore construction specialist, which already owns a DP3 cable installation vessel, Living Stone.

“Acquiring a second, large cable-laying vessel ensures that we are ready to serve their needs now and in the future, and that we take a proactive role in helping to facilitate the energy transition. Since its introduction, our DP3 offshore installation vessel ‘Living Stone’ has made its mark on the industry, with unrivalled capabilities. We are sure that ‘Viking Neptun’ will have an equally impressive career in the DEME fleet and it underlines our efforts to meet and exceed our customers’ requirements”, said Hugo Bouvy, Managing Director at DEME Offshore. 

According to DEME, Viking Neptun is also fully compliant with the latest emission standards and features the latest environmental technology, including a battery pack for best in class fuel efficiency and more sustainable operations.

For Eidesvik, the sale of Viking Neptun is expected to reverse approximately NOK 240 million (approximately EUR 24 million) in previous impairments on the vessel in the Q4 2021 results. In addition to this, once the transaction is completed, Eidesvik expects to book a gain from the sale of approx. NOK 150 million (approx. EUR 15 million). Once the agreement is executed, Eidesvik’s liquidity position is expected to improve by approximately NOK 330 million (approx. EUR 33 million) from the sale, according to the company.

“The sale will considerably strengthen the Company’s financial position, and enable us to reinforce our strategic focus on pioneering new emissions-reducing technologies in our fleet. Our spearhead vessel projects are attracting significant interest in the market and we will continue to develop our offerings of climate and environmentally friendly solutions to offshore vessel operations”, said Gitte Gard Talmo, President & CEO of Eidesvik Offshore.

Viking Neptun has been serving in the offshore wind sector for several years, most notably on the German Wikinger and Merkur offshore wind farms.