Today, Oceanteam and its joint venture partner McDermott closed the sale of Oceanteam's remaining 25 percent stake in vessel-owning company North Ocean 105 AS.
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 Company's bond refinance becoming fully effective. Oceanteam shall then carry this process forward instantly.
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.
"Oceanteam and bondholders sign new bondholders agreement as part of Company's refinancing process"
"Oceanteam ASA reaches agreement with majority of bond holders on refinancing of bond loan agreement"
"McDermott to exercise its option to purchase PLV North Ocean 105"