Rubico (RUBI) said Wednesday it decided to exit the megayacht industry to focus on its primary tanker operations by selling a vessel currently under construction to free up funds and lower its future financial obligations.
The divestment could yield $34.2 million to $40 million in gross proceeds while eliminating a $30.2 million commitment due before the ship's Q2 2027 delivery, the company said.
There is no guarantee the transaction will be finalized, Rubico added.
Shares of the company were down by more than 18% in Wednesday premarket activity.
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