On 15 February 2018, in light of the current state of the market, DOT Shipping (a joint venture between Diavaz and Oceanteam) and Pacific Radiance Ltd have mutually agreed to terminate agreements, which were entered into on 9 October 2014, for purchase and bareboat chartering of the vessel Tampamachoco 1 (T1) without further liability to Diavaz-Oceanteam.
DOT Shipping was a party to a bareboat charter agreement for the T1 with the joint venture company DOT Radiance Pte Ltd ("DOT Radiance"). DOT Radiance was a party to a memorandum of agreement with Pacific Crest for the purchase of vessel Tampamachoco 1.
As a result, Oceanteam will write in its accounts 2017 the investment in the vessel and structure of total USD 6.5 million.
DOT Shipping will however continue to explore opportunities to strengthen its presence in the Mexican and other key strategic markets.
With reference to the press releases dated 16 December 2016 and 1 October 2014:
Delivery of the CSV Tampamachoco 1 (T1) deferred for one year
Oceanteam's subsidiary Dot Holdings closes conditions subsequent on 50% stake in new offshore support vessel
About Oceanteam ASA
The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions' focus is to provide its clients with complete offshore solutions. Oceanteam ASA has been active in the industry as an offshore solutions provider for over twelve years.
For more information: www.oceanteam.no
For further information about Oceanteam ASA please contact:
CEO Haico Halbesma: +31 20 53 57 570, email@example.com
CFO Jos van Dijk: +31 20 53 57 570, firstname.lastname@example.org
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.