McDermott To Acquire Remaining 25% Stake In North Ocean 105 From Oceanteam

Published: May 09 2017
Deal Summary

McDermott International, Inc., an engineering, procurement, construction and installation company, exercised the option to acquire the remaining 25% stake in North Ocean 105 AS, a company that owns a North Ocean 105 lay vessel, from Oceanteam ASA, a global provider of high quality support to offshore contractors.

The vessel is a fast-transit, dynamically positioned vessel with an advanced reel-lay system capable of rigid and flexible pipelay in up to 10,000 feet of water. The vessel is a 2012-built, Malta-flagged vessel with dead weight tonnage of 11,280 tons and gross tonnage of 10,764 tons (net tonnage of 3,230 tons).

Currently, McDermott owns 75% stake and Oceanteam owns 25% stake in North Ocean. Following the completion of the transaction, McDermott will own 100% stake in North Ocean.

The transaction will enable McDermott to strengthen its service offerings. Oceanteam intends to use the proceeds from the sale for repayments of vendors and repurchase of outstanding bonds.

The transaction is expected to be completed on June 20, 2017.

Deal history

Announced: On May 9, 2017, McDermott exercised option to acquire the remaining 25% stake in North Ocean 105, from Oceanteam.

Planned: On January 13, 2017, McDermott intends to acquire the remaining 25% stake in North Ocean 105, from Oceanteam.

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