• by  • February 19, 2016 • Sea Assets

    NIMROD SEA ASSETS LIMITED

    Investment Update

    19 February 2016

    Despite recent remarketing efforts, no credible offer has been received to purchase the DSV Alliance from DSV Alliance DIS, the Norwegian partnership which owns the vessel and in which Nimrod Sea Assets Limited (NSA) is the majority shareholder. 

    NSA has therefore advised the directors of DSV Alliance AS (the general partner of the partnership) that it will no longer provide financial support for the maintenance of the vessel.  In light of this, winding up proceedings in Norway are being commenced in respect of both DSV Alliance AS and DSV Alliance DIS.  

    NSA will write off its entire investment in the DSV Alliance which had a book value of US$2 million at 30 September 2015.  This represented 2.23% of the published NAV as at 30 September 2015.