Oceanteam received written notice from its joint venture partner McDermott, in which McDermott has committed to purchase Oceanteam's remaining 25% stake in the vessel-owning company North Ocean 105 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, says Oceanteam.
Oceanteam will use the proceeds of this sale for repayment of vendors and certain lenders upon such funds becoming available.
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