Oceanteam Bourbon 4 AS, a joint venture owned 50/50 by Oceanteam ASA (the "Company" or "OTS") and Bourbon Offshore Norway AS, has entered into a Memorandum of Agreement (Norwegian Sales Form) regarding the sale of the vessel CSV Southern Ocean the "Vessel Transaction". The sale is made subject to customary conditions and is expected to be completed in April 2021. After debt service, the sale of the vessel will generate a positive cashflow for the joint venture Oceanteam Bourbon 4 AS.
As of April third, Oceanteam will move into a new office in Amsterdam. The new office is located at Westerdoksdijk, an A-location in the city centre, close to Amsterdam Central Train Station. At the same time, Oceanteam Solutions (OTS) will move into a larger building on their own base in Velsen-Noord. Both relocations will give Oceanteam room for future growth.
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.