First Olsen sells old tanker

Bermuda-registered First Olsen Tankers says it has agreed to sell its vessel Knock Davie to Liberian-registered Nortrans Offshore Vietnam for US$7.2 million on an 'as-is' basis. The book value of Knock Davie was $4.3 million as of September 30. The vessel is scheduled to be delivered by February 15. First Olsen said the sale was in accordance with the firm's policy of phasing out tankers built in the mid-1970s.