Sembawang acts following vessel purchaser default

Sembawang Shipyard has exercised its voting rights to acquire all membership interests in Equinox Offshore Brazil Cooperative and shares in Equinox Offshore ARV3 BV (EO ARV3).

Offshore staff

SINGAPORESembawang Shipyard has exercised its voting rights to acquire all membership interests in Equinox Offshore Brazil Cooperative and shares in Equinox Offshore ARV3 BV (EO ARV3).

The latter was in default of payment obligations to Sembawang for the conversion of the accommodation and repair vesselARV3. The diesel-electric DP-2 vessel is designed to support and service offshore installations and projects in deepwater areas. It has accommodation and workshop facilities to house 450 personnel.

EO ARV3 has a five-year charter contract with Petrobras to lease and operate the vessel offshoreBrazil.

5/21/2013

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