Oceanteam received the written notice from its joint venture partner McDermott in which it commits to purchase Oceanteam's remaining 25 percent stake in the vessel-owning company North Ocean 105 AS on 20 June 2017.
This is in line with the structure of the amended bond agreement that was executed during the bondholders' meeting held on 2 May 2017 and is another important step in Oceanteam's financial restructuring plan.
Oceanteam has already agreed that the proceeds of this sale will be used for repayment of vendors and certain lenders upon such funds becoming available.
“Oceanteam and bondholders sign new bondholders agreement as part of Company’s refinancing process”
“McDermott to exercise its option to purchase PLV North Ocean 105”