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Fund has to sell supply vessel
The "Offshore Fund 3" has to sell one of its two supply vessels, the "E. R. Haugesund" which is unemployed, according to fund initiator Nordcapital, since October 2015 in the Caribbean. As a result of the crude oil oversupply and low prices, the oil production in many offshore oil-producing regions is no longer covering the costs and in the direct result many drillships and rigs are currently not required. The global utilization of rigs has dropped to below 80 percent. Consequently, the demand for supply vessels has decreased significantly. Now investors are to decide a private sale of the ship by mid-March 2016. The 2009 launched fund remained far back behind expectations, investors have paid a total of only 15 percent to date.
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