A proposed portfolio sale to fund fleet renewal
Offshore Energy reports agreements to sell six shipowning subsidiaries to an affiliate of the AMCI Poseidon investment fund. The stated consideration was approximately $173m, less around $135m of debt and swap obligations that the buyers would assume.
The agreements were conditional on shareholder approval, relevant lender and charterer consents and customary closing requirements. The parties anticipated completion in late October 2013. TOP Ships intended to use net proceeds to reduce liabilities and, alongside future borrowing, begin acquiring new vessels. The report documents a proposed historical restructuring, so the amounts should be understood as transaction terms announced at publication rather than evidence of current fleet composition or a completed outcome.
An editorial summary of the linked publication. Figures and plans refer to its publication date.