McDermott to buy Oceanteam offshore vessel share

McDermott will exercise its option to purchase Oceanteam’s 25% ownership in the vessel-owning company North Ocean 105 AS by end-April.

Offshore staff

PARADIS, NorwayMcDermott will exercise its option to purchase Oceanteam’s 25% ownership in the vessel-owning company North Ocean 105 AS by end-April.

This is a requirement under McDermott’s main credit facility agreement.

Oceanteam will use the proceeds for repayments of vendors and repurchase of outstanding bonds. The company expects to realize a significant capital gain on the sale of its interest in the vessel.

01/17/2017

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