McDermott to complete North Ocean 105 vessel buy in June

Offshore construction company McDermott has officially committed to buy a remaining Oceanteam’s stake in the North Ocean 105 AS vessel.

To remind, Oceanteam in January said it would sell its 25 pct ownership in the vessel to McDermott as part of its debt restructuring deal. 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 on Tuesday said it received a written notice from its joint venture partner McDermott in which it commits to purchase Oceanteam’s remaining 25 percent stake in the vessel-owning company North Ocean 105 AS on June 20 2017.

This is in line with the structure of the amended bond agreement that was executed during the bondholders’ meeting held on 2 May 2017 and is another
important step in Oceanteam’s financial restructuring plan, the company said.

Oceanteam has already agreed that the proceeds of this sale will be used for repayment of vendors and certain lenders upon such funds becoming available.

Offshore Energy Today Staff