GOGL - Agreement with the Administrators of Brittania Bulk FinanceLimited
17:30 04.08.09
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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