With reference to the announcement on a potential combination with Passer Group and subsequent to the due diligence process, the Board of Directors of Oceanteam
ASA (“Company”) advises that parties have mutually concluded to discontinue negotiations and not to pursue the anticipated transaction since final agreement on the underlying economics could not be reached.
Further to the divestment of the shipping assets of Oceanteam ASA (“Oceanteam” or the “Company”) active in the oil & gas segment, CEO Henk van den IJssel has decided to step down from his current position effective 1 August 2021.
Oceanteam ASA (“Oceanteam” or the “Company”) and its joint venture partner Bourbon have reached an agreement to sell the construction support vessel Bourbon Oceanteam 101 (the “Vessel’), owned by the joint venture company Oceanteam Bourbon 101 AS (“Sellers”).
The year 2020 has proven to be challenging for Oceanteam; primarily the shipping segment. Since the outbreak of the pandemic, the shipping segment has been confronted with cancellation of offshore projects, increased expenditures in crewing (quarantine with crew changes, testing ect) and class related capex. The difficult market circumstances in combination with persistent liabilities have accelerated management’s initiative to reposition the company and revitalise Oceanteam for future development in the energy transition and renewable market.
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.
The 6 months’ extension follows a successful three years of storage of client’s subsea cables in Oceanteam's 5300Te carousel at its cable storage facility in Velsen, the Netherlands.
With this extension the contract will run well into 2021 with possible further extension options.