Letter of Intent for CSV North Ocean 102 and CSV North Ocean 105
(Thomson Reuters ONE) - Oceanteam ASA ("Oceanteam" or the "Company") has signed a Letter ofIntent (LOI) with a leading company in the offshore oil and gasindustry, for long term charter and 50/50 joint (beneficial)ownership in vessel CSV North Ocean 102 as well as a long termcharter and 50/50 joint (beneficial) ownership in Oceanteam's optionvessel CSV North Ocean 105 to be built at Metalships, Vigo Spain.The 5 year charter of CSV North Ocean 102 would commence uponredelivery of the vessel following completion of the current ABBcharter which is estimated to be in June 2010.The 5 year charter of CSV North Ocean 105 would start upon deliveryof the vessel which is expected end 2011. The CSV North Ocean 105 newbuild project is subject to finance.Upon closing of the transaction Oceanteam would jointly own, controland manage the special purpose ship owning companies with our jointventure partner. Our partner would have the option to purchase theremaining shares in the respective ship owning companies on the 5thanniversary of the closing of the transaction for the CSV North Ocean102 and completion of the 5 year charter party for the CSV NorthOcean 105.The commercial terms between the parties remain confidential andcompletion of the transactions are subject to due diligence, financeand board approvals.The transaction is expected to have a positive net effect onOceanteam's liquidity.Oceanteam will present additional information as soon as the currentprocess has been finalized.The announced LOI is the result of Oceanteam's changed business focuson long term charter agreements after its recent successfuloperational and financial restructuring process.For more information: www.oceanteam.noFor further information about Oceanteam please contact:CEO Haico Halbesma +31.6.51409987 haico(at)oceanteam.nlCFO Ruud van der Steeg+31.6.23457194 ruud.van.der.steeg(at)oceanteam.nlhttp://hugin.info/136936/R/1341332/320804.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 15.09.2009 - 10:05 Uhr
Sprache: Deutsch
News-ID 5816
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