Oceanteam Shipping ASA announced that it has secured, through its joint venture DOT Holdings AS, an interest in a new build Offshore Support Vessel.
As a result a partnership with Pacific Radiance Ltd., subject to certain conditions subsequent, has been established. Closure of remaining conditions subsequent, are expected to be finalised in the coming month. Once full closure is reached the initial interest of DOT Holdings AS is 50%. The investment comes with an option to buy the remaining 50% after a period of 7 years against agreed terms. The commercial terms remain confidential. The project is fully financed upon closure of certain conditions subsequent. Further announcements will be made in due course. Through the partnership and joint vessel ownership with Singapore stock listed Pacific Radiance Ltd., DOT Holdings AS has secured a long term partnership with a highly competent and strong partner. Pacific Radiance Ltd owns and operates over 130 high end offshore support vessel and has world-wide operations.
Press Release, September 09, 2014