McDermott takes over Oceanteam’s pipe lay vessel

Offshore service provider Oceanteam has completed the sale of its remaining 25 percent stake in vessel-owning company North Ocean 105 AS to joint venture partner McDermott.

To recall, McDermott already held 75 percent stake in the vessel-owning company when Oceanteam in January decided to sell the remaining 25 percent ownership McDermott as part of its debt restructuring deal.

Oceanteam said on Tuesday that the proceeds from the now closed sale would be used for repayment of certain lenders and vendors upon such funds becoming available.

North Ocean 105 is a fast-transit, dynamically positioned vessel with an advanced reel-lay system capable of rigid and flexible pipelay in up to 10,000 feet of water. It was built in Spain in 2012.

Oceanteam further said in Tuesday’s statement that the funds were being released in the week following the company’s bond refinance becoming fully effective. Oceanteam will then carry this process forward instantly.

The company added that the sale was another important step in its financial restructuring plan.

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