McDermott Takes Ownership of CSV North Ocean 102

Oslo-listed Oceanteam Shipping has completed the transfer of its 50% ownership stake in the to date jointly owned Pipelay Vessel North Ocean 102 to J. Ray McDermott Norway.

The company said that the proceeds from the sale will go towards a USD 35 million amortization on Oceanteam’s bond loan debt due in April 2015 and other general corporate purposes.

Oceanteam sees this transaction as part of the company’s long term strategy to deleverage and to strengthen its balance sheet further.

The sale purchase conditions are to remain confidential under the signed agreement. The transaction has been fully executed on 18 December 2014.

This DP2 Construction Support / Flexible Product Installation vessel was delivered in Q4 2008.

The North Ocean 102 is equipped with two 100 ton heave compensated cranes. The second of the standardised Oceanteam 100 series, the vessel features – in addition to its large cranes – a large moon pool (7×7), considerable free deck area, extensive accommodation and excellent seagoing capabilities. The ship is 137 meter in length and has a 27 meter beam.

The Vessel is able to accommodate up to 199 crew members and is utilised extensively for field support, construction, installation and IRM support.