CSV Southern Ocean reaches agreement on charter extension with McDermott
May 22 2019
As a result of the cyclone hitting the Indian coast early May, expected scope of work undertaken by the CSV Southern Ocean (“Vessel”) could not be finalized during the charter period. Both charterer (McDermott) and the Vessel owner, in concertation with next Charterer (Fugro), have agreed on an extension of the current charter to allow McDermott to complete its scope of work. All parties involved regret the situation that has arisen, which is beyond any parties’ control.
Unfortunately, as a result of the extension of the current Vessel charter, the CSV Southern Ocean cannot be delivered on the agreed delivery date for the Fugro charter in Australia as indicated in Company's press release dated 23 April 2019. Therefore, Fugro has cancelled the subsequent charter agreement and has found alternatives to service its end-client. Parties had been working together to find mutually agreeable financial solutions.
The Company is transforming itself into investment platform for subsea services. Currently, Oceanteam is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water construction support vessels and fast support vessels. Oceanteam Solutions is a service provider to the renewable and oil and gas industry with the supply of rental equipment for the transportation, storage and handling of subsea cables. Oceanteam has been active in the industry as an offshore solutions provider for over twelve years.
For more information on the Oceanteam Group of Companies please visit: www.oceanteam.no
For further information please contact:
CEO, Oceanteam ASA
T +31 20 535 75 70