Oceanteam completes sale of North Ocean 105 ASCompany News // June 21, 2017
Oceanteam and its joint venture partner McDermott have completed the sale of Oceanteam's remaining 25 per cent stake in vessel-owning company North Ocean 105 AS.
The proceeds of the sale will be used for repayment of lenders and vendors upon such funds becoming available.
The funds are being released in the week following the company's bond refinance becoming fully effective.
"Through this sale another important step in Oceanteam's financial restructuring plan has been taken," said the company. "This will allow the company to further develop its existing market activities and to take advantage of new business opportunities."