Oceanteam sells minority position to its Mexican joint venture partner Diavaz
Oceanteam ASA (the “Company” or “Oceanteam”) and its Mexican partner Diavaz have reached an agreement to terminate the joint venture structure set up by the two groups (the ”DOT Group”), established in 2014 in order to service the Mexican offshore market, in which Oceanteam held 40 percent. Oceanteam’s stake will be taken over by Diavaz.
The decision is in line with the revised strategy of the Company to divest non-controlled business. This transaction does not have a material impact on Oceanteam’s financial and market position.
After a successful financial restructuring Oceanteam is revisiting its portfolio of activities by positioning itself as an offshore services investment platform. Oceanteam is actively pursuing new business opportunities in the subsea, renewables and oil & gas sectors, whereas future activities must contribute positively to the value of the Company.
About Oceanteam ASA
The Company 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 offshore wind 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