Offshore services player Oceanteam and its Mexican partner Diavaz have reached an agreement to terminate the joint venture structure, DOT Group.
DOT was set up by the two groups in 2014 in order to service the Mexican offshore market.
Oceanteam held 40 percent which will be taken over by Diavaz.
The decision is in line with the revised strategy of the company to divest non-controlled business. This transaction does not have a material impact on Oceanteam’s financial and market position, the company said.
Following financial restructuring, Oceanteam said it is revisiting its portfolio of activities by positioning itself as an offshore services investment platform and will be pursuing new business opportunities in the subsea, renewables and oil & gas sectors.