The deal summary is that Valentine Maritime Ltd (VML) is selling two mortgaged marine units to release VML and MOS from indebtedness for USD 71.8 million. These two marine units are not currently operational. Additionally, VML is receiving USD 28.5 M to reduce certain trade liabilities related to these sold marine units. Subject to certain buyer’s condition, VML may get an additional amount of USD 15 million to settle a list of trade liabilities. Finally, Maridive is selling a long-dormant company in KSA as part of the deal for USD 0.3 million. VML and Maridive will not receive excess cash after settling its different obligation as explained above since there are not net proceed to VML nor Maridive. This transaction is part of the strategic focus of the group to deleverage its balance sheet and divest its non-core offshore EPC unit. “
quoted by Managing Director, Eng. Tarek Farid””