OCEANTEAM ASA - MCDERMOTT TO EXERCISES ITS OPTION TO PURCHASE PLV NORTH OCEAN 105
Jan 13 2017
Oceanteam ASA ("Oceanteam" or "Company") announces that joint-venture partner McDermott will exercise its option to purchase Oceanteam's 25% ownership in the vessel-owning company North Ocean 105 AS by the end of April 2017. Under McDermott's main credit facility agreement, it has announced that it is required to do so.
As part of the understanding with its bondholders and that was announced on January 11th 2017, Oceanteam will use the proceeds for repayments of vendors and repurchase of outstanding bonds. It will realise significant capital gain on the sale of its ownership interest in this vessel.
"We move perfectly according to plan enabling to align our costs of capital employed and our amortization profile amongst others with the current market situation", says CEO Haico Halbesma. "As said in previous updates, our financial restructuring will allow us to further develop our existing market activities, to take advantage of new business opportunities, and thus to allow us to build long-term value for the benefit of all Oceanteam's stakeholders and employees".
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:
CFO Wilhelm Bøhn: +47 4723 6434, firstname.lastname@example.org
CEO Haico Halbesma +31.20.5357570 email@example.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act