McDermott exercises option to acquire North Ocean 105Vessel & ROV News // January 16, 2017
Oceanteam ASA has confirmed that joint-venture partner McDermott will exercise its option to acquire Oceanteam's 25 per cent 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.
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 realise significant capital gain on the sale of its ownership interest in this vessel.