First Olsen Pte, a wholly owned subsidiary of Fred Olsen Production ASA, has agreed to sell the 565,000 dwt FSO "Knock Nevis".
First Olsen Pte, a wholly owned subsidiary of Fred Olsen Production ASA, has agreed to sell the 565,000 dwt FSO "Knock Nevis". The company has confirmed that it has entered into an agreement to sell the tanker, currently operating as an FSO, to an Asian concern for service in the crude oil storage market.
Delivery is scheduled before the end of this year and the sale was estimated to give a 4Q09 accounting gain of about $6 mill, Fred Olsen said.
Although often referred to the largest tanker ever built, she was actually rebuilt from a 440,000 dwt tanker that the original owner refused delivery of in 1979.
She was purchased by CY Tung and re-emerged as the larger "Seawise Giant" some two years later having been jumboised.
Following the rebuilding she suffered a chequered history. For example, she was badly damaged in the Strait of Hormuz during the Iraq/Iran war and rebuilt again, this time taking the name "Happy Giant" before being sold to Jahre for $39 mill and renamed "Jahre Viking".
In 2004, she was sold on again, this time to Fred Olsen and renamed "Knock Nevis" upon which she was converted into an FSO.
Throughout her career, she has spent more time in storage that on actual voyages, hence her longevity.