DP Producer slates vessel sale proceeds for payment to bondholders

By Jennifer Chiou

New York, Oct. 21 - DP Producer AS announced that it will apply proceeds from the sale of the M/S Laurita vessel to pay bondholders of record as of Wednesday on the Friday payment date.

Bond trustee Norsk Tillitsmann received on Oct. 13 proceeds of $28.5 million for the vessel and, according to a Norsk release, in addition to roughly $2.3 million of accrued costs, $2.2 million will be withheld to facilitate enforcement of the equipment pledge to which holders are entitled under the 2006 bond agreement for the callables due 2011.

The total payment, the release stated, is to be $24 million.

The Oslo-based oil and gas exploration services company operates as a subsidiary of FPSOcean AS.

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