Oceanteam Sells CSV North Ocean 103 to Technip

Oceanteam has agreed to sell the newbuilding Construction Support Vessel North Ocean 103 to Technip for an undisclosed amount. The transaction has been completed through a sale of the shares in the ship owning subsidiary North Ocean III KS. The Vessel is scheduled for delivery in August 2009 at Metalships Yard in Vigo, Spain.

The transaction results in a net liquidity effect to Oceanteam of approximately EUR 25 million, of which the majority has been paid to
Oceanteam but with a smaller amount placed on a joint retention escrow account.

The Vessel was already fixed out on an eight years time charter contract to Technip.

Oceanteam announced on the April 23, 2009 that the Company was in need of EUR 30 million in new liquidity. The sale of the Vessel will
contribute to this liquidity need.

Oceanteam will continue to explore additional asset sales in order to secure its liquidity need as well as continue to explore opportunities to realize a restructuring of its balance sheet.

 

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