News

GOL OFFSHORE & DVB BANK

According to sources, DVB Bank has secured an order from the Bombay High Court for the disposal of six GOL Offshore's vessels to recover its outstanding dues of around USD 38 million.  Consultants have been appointed to fix the current valuations of the Malaviya Nine 15,000 bhp AHTS, Malaviya Twenty Three 8,000 bhp AHTS, Malaviya Twenty Four, Malaviya Twenty Seven, Malaviya Twenty Eight—all 7,100 bhp AHTS—and Malaviya Twenty Five 2,200 dwt PSV. Sources suggest that the sale was ordered after GOL Offshore failed to live up to court-approved "consent terms" agreed between the two parties in October 2015. The terms included the sale of Malaviya Nine by 3 January 2016 or payment of USD 22 million by end January 2016, reimbursement of legal costs and other fees to DVB, payment of USD 300,000 to DVB by end of October 2015 and payment of USD 1.3 million by the 15th of every month from November 2015 until February 2016.