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    Oceanteam sells 50 per cent of North Ocean 101 to Bourbon

    Vessel & ROV News // March 1, 2007

    North Ocean 101 will be re-named Bourbon Oceanteam 101.

    Oceanteam Power & Umbilical ASA has announced that it has signed an agreement to transfer 50 per cent of the shares in the single-purpose shipowning company that owns its first newbuild construction vessel, North Ocean 101, to Bourbon Offshore Norway AS.

    The 50/50 owned company will be renamed Oceanteam Bourbon KS and Oceanteam Bourbon AS in due course.

    Oceanteam's first newbuild will be renamed Bourbon Oceanteam 101.

    The newbuild is currently under construction in Vigo, Spain and will be 123m long with a breadth of 27m, has 2,000m² of free deck, a deadweight of 7,000 tonnes, 2 x 100 tonnes heave compensated cranes and accommodation for 120 people.

    Bourbon, through its subsidiary SONASURF, and Oceanteam have recently been awarded a long term field support vessel contract with BP Angola for its Greater Plutonio development in Block 18.

    Earlier this week the two companies entered into a commercial agreement allowing OPU to market its services through the Bourbon network.

    Two other ships on order, North Ocean 102 and North Ocean 103, remain 100 per cent owned by Oceanteam Power & Umbilical through 100 per cent owned single purpose companies.


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