J.Ray McDermott acquires interest in construction support vessels

J. Ray McDermott (Norway) has acquired a 50% interest in North Ocean II, a 50% partnership interest in North Ocean II KS, and a 75% interest in North Ocean V from Oceanteam.

Offshore staff

HOUSTON -- J. Ray McDermott (Norway) has acquired a 50% interest in North Ocean II, a 50% partnership interest in North Ocean II KS, and a 75% interest in North Ocean V from Oceanteam.

North Ocean II AS and North Ocean II KS are the ship-owning companies for CSV North Ocean 102. North Ocean V AS is the ship-owning company for the soon-to-be-built CSV North Ocean 105.

In addition, affiliates of J. Ray have entered into long-term charters for the vessels. CSV North Ocean 102 will begin a five-year charter upon completion of its current ABB charter, anticipated in July 2010. CSV North Ocean 105 will begin a five-year charter upon delivery from Metalships’ shipyard in Vigo, Spain.

As a result of the transaction, Oceanteam will participate in the ownership and management of the special purpose ship-owning companies. J.Ray has options to purchase Oceanteam’s shares and partnership interests in the respective companies on the fifth anniversary of the closing of the transaction for the CSV North Ocean102 and on the completion of the five-year charter party for the CSV North Ocean 105.

12/18/2009

More in Rigs/Vessels