Falklands : Fisheries Protection Dorada Statement 07Feb08
Submitted by Falkland Islands News Network (Juanita Brock) 11.02.2008 (Article Archived on 25.02.2008)
Dorada Marine Limited committed to the sale of the M.V. Dorada earlier this week. The decision to commit the vessel for sale, a decision which was not at all taken lightly, had the fullest regard of many months of discussion and negotiation with the Falkland Islands Government. It is expected that the M.V. Dorada will depart the Falklands during mid February.
Dorada Statement 07Feb08
Dorada Marine Limited committed to the sale of the M.V. Dorada earlier this week. The decision to commit the vessel for sale, a decision which was not at all taken lightly, had the fullest regard of many months of discussion and negotiation with the Falkland Islands Government. It is expected that the M.V. Dorada will depart the Falklands during mid February.
The Company reluctantly concluded it could not commit to a new trading period, given the requirement to raise funds for an extensive refit, against risk-assessing all the circumstances necessary to deliver a compliant multi-functional fishery patrol and fisheries research vessel.
To have committed the M.V. Dorada to a new trading period, the Company had to take into account the cost of complying with ever changing regulations, and an extensive refit and refurbishment requiring significant new capital investment. This refurbishment commenced during the vessel’s special survey dry docking undertaken in November 2007.
There are substantial financial and operational trading risks, when viewed against proven increases in operational costs and future projections. The financial exposure that the Company would face was deemed substantial. Subsequently the Parties were not able to agree a day rate, nor consider the terms of a charter party.
The Company wishes to place on public record that its employees have given sterling service, not only in terms of the provision of fishery patrol duties, but also in their commitment of delivering a reliable, safe, and cost-efficient working platform for fisheries research for the Falkland Islands Government, and also for the Government of South Georgia and South Sandwich Islands.
The Board of Directors
Dorada Marine Limited
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