Oceanteam joint venture partner McDermott International is to exercise an option to purchase the Norwegian company’s 25% stake in the North Ocean 105 vessel by the end of April 2017.
As part of the understanding with its bondholders and that was announced on 11 January, Oceanteam will use the proceeds for repayments of vendors and repurchase of outstanding bonds.
“It will realise significant capital gain on the sale of its ownership interest in this vessel,” Oceanteam said.
Oceanteam chief executive Haico Halbesma said: “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.”
Image: McDermott
