Oceanteam signs LOI for CSV North Ocean 102

Oceanteam has signed a Letter of Intent (LOI) for long-term charter and 50/50 joint (beneficial) ownership in vessel CSV North Ocean 102 as well as a long-term charter and 50/50 joint (beneficial) ownership in Oceanteam's option vessel CSV North Ocean 105 to be built at Metalships, Vigo Spain.

Offshore staff

BERGEN, Norway -- Oceanteam has signed a Letter of Intent (LOI) for long-term charter and 50/50 joint (beneficial) ownership in vessel CSV North Ocean 102 as well as a long-term charter and 50/50 joint (beneficial) ownership in Oceanteam's option vessel CSV North Ocean 105to be built at Metalships, Vigo Spain.

The five-year charter of CSV North Ocean 102will begin upon redelivery of the vessel following completion of the current ABB charter, estimated to be in June 2010.

The five-year charter of CSV North Ocean 105 will start upon delivery of the vessel, which is expected end 2011. The CSV North Ocean 105 newbuild project is subject to finance.

Upon closing of the transaction, Oceanteam will jointly own, control, and manage the special purpose ship owning companies with its joint venture partner. The partner has the option to purchase the remaining shares in the respective ship owning companies on the 5th anniversary of the closing of the transaction for the CSV North Ocean 102 and completion of the five-year charter party for the CSV North Ocean 105, the company says.

09/15/2009

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