McDermott to Take Full Ownership of North Ocean 105 in June

Norwegian-Dutch offshore service provider Oceanteam said it has received the written notice from its joint venture partner McDermott in which it commits to acquire Oceanteam’s remaining 25 percent stake in the pipe lay vessel, North Ocean 105.

According to the Oslo-listed company, the transaction is scheduled for June 20, 2017.

As part of the understanding with its bondholders announced in January this year, Oceanteam will use the proceeds for repayments of vendors and repurchase of outstanding bonds.

The PLV North Ocean 105 was built in 2012 by Metalship & Docks, Spain. The vessel is equipped with a reel-lay system capable of rigid and flexible pipelay in up to 3,000 meters of water.

Subsea World News Staff

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