Oceanteam ASA’s Vessel Owning Companies Agree Further Deferrals Under Facility Agreement

Oceanteam ASA’s Vessel Owning Companies agree with Financiers on Extension of Deferral under the Facility Agreement (the “Facility Agreement”) for the Bourbon Oceanteam 101 and Southern Ocean (the “Vessels”)
Oceanteam and its joint venture partner Bourbon have agreed with the financiers of the jointly owned Vessels to defer the Q4 instalments for 2020 and in respect of Bourbon Oceanteam 101 also the Q1 2021 instalment under the Vessels’ Facility Agreement until expiry of the Facility Agreement in 2022 and in addition to the already deferred earlier instalments of 2020. The deferrals cater for the reduced utilisation of the Vessels in 2020 due to lower market activity and extensive class and repair works on the Vessels.
In November 2020 Southern Ocean has commenced her charter with Fugro for activities offshore Australia and Bourbon Oceanteam 101 is  currently awaiting finalisation of repairs  in Spain.  Oceanteam notes ongoing tendering interest for both Vessels for contracts in 2021 and beyond.