In 2015 Solvang ASA signed two shipbuilding contracts with Hyundai Heavy Industries with a total value of MUSD 153.4. The contracts covers two Panamax newbuildings with delivery in 2017. The contracts have always been intended for Partrederiet Clipper Sirius DA, but due to limited time in connection with the signing of contracts, they were temporarily placed in Solvang ASA. When the final bank financing is agreed upon, they will be transferred to the shipowning company, Partrederiet Clipper Sirius DA, owned by Clipper Shipping AS (subsidiary of Solvang ASA). The newbuilding contracts will be finally transferred to the company in the form of a Novation agreement by the end of April 2016. During autumn 2015 there was also a call of capital in PR Clipper Sirius DA to cover the first installment to the shipyard.
The contracts are to be regarded as jointly owned asset between Solvang (30%) and other co-partners via Audley Shipholding AS (70%). In connection with the payment of the first installment to the shipyard, Solvang received a transfer from Audley Shipholding AS of KUSD 10,738 and paid a total of KUSD 15,340 to the shipyard. Carrying deposit of newbuilding contract is thus netted with KUSD 4,602 (KNOK 37,549) and represents Solvang's share of the deposit.