Oceanteam Completes Sale of PLV North Ocean 105

Norwegian-Dutch offshore service provider Oceanteam and its joint venture partner McDermott have closed the sale of Oceanteam’s remaining 25 percent stake in the pipe lay vessel, North Ocean 105.

According to Oceanteam, the proceeds of this sale will be used for repayment of certain lenders and vendors upon such funds becoming available. The funds are being released in the week following the Oceanteam’s bond refinance becoming fully effective.

“Through this sale another important step in Oceanteam’s financial restructuring plan has been taken and this will allow the company to further develop its existing market activities and to take advantage of new business opportunities,” the Oslo-listed company said on Tuesday.

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.

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