Oceanteam Shipping ASA has concluded a bareboat charter agreement with a subsidiary of McDermott for CSV North Ocean 102. The CSV North Ocean 102 bareboat charter has a firm period lasting until 1 August 2015, plus 2 x 1 year options. Oceanteam Shipping ASA owns 50 % of CSV North Ocean 102.

The agreement becomes effective as of 1 October 2012.

The bareboat agreement will give McDermott the full operational freedom to operate, upgrade, and invest in the vessel. McDermott will continue to provide their clients with consistent, high-quality vessels as they have since 2009 when they entered the Joint Venture and long-term charter of the CSV North Ocean 102 followed by the delivery of LV North Ocean 105 in April 2012.

Press Release, December 17, 2012