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, according to joint venture partner Oceanteam.
Under McDermott’s main credit facility agreement, it has announced that it is required to do so.
As part of the understanding with its bondholders and that was announced on 11 January 2017, Oceanteam will use the proceeds for repayments of vendors and repurchase of outstanding bonds. It will realize significant capital gain on the sale of its ownership interest in this vessel.
“We move perfectly according to plan enabling to align our costs of capital employed and our amortization profile amongst others with the current market situation,” says CEO Haico Halbesma. “As said in previous updates, our financial restructuring will allow us to further develop our existing market activities, to take advantage of new business opportunities, and thus to allow us to build long-term value for the benefit of all Oceanteam's stakeholders and employees."