McDermott to buy Oceanteam’s stake in pipe lay vessel

Oceanteam’s joint-venture partner McDermott will exercise its option to purchase Oceanteam’s 25% ownership in the vessel-owning company North Ocean 105 AS by the end of April 2017.

Oceanteam said on Friday that, under McDermott’s main credit facility agreement, it has announced that it is required to do so. McDermott already holds 75% stake in the vessel-owning company.

Earlier this week, Oceanteam reached an understanding with its bond holders on the main terms of the bond loan. As part of a financial restructuring announced in October 2016, the company entered into constructive talks with its banks and its bond holders.

As part of the understanding with its bondholders, Oceanteam will use the proceeds from the sale of the vessel for repayments of vendors and repurchase of outstanding bonds. It will realize significant capital gain on the sale of its ownership interest in this vessel.

“We move perfectly according to plan enabling to align our costs of capital employed and our amortization profile amongst others with the current market situation,” says CEO Haico Halbesma.

“As said in previous updates, our financial restructuring will allow us to further develop our existing market activities, to take advantage of new business opportunities, and thus to allow us to build long-term value for the benefit of all Oceanteam’s stakeholders and employees.”

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.

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