Oceanteam Shipping Completes Refinancing of Offshore Construction Vessels

Oceanteam Shipping ASA (OTS) has concluded a refinancing of the two offshore construction vessels, CSV Bourbon Oceanteam 101 and CSV Southern Ocean, with SpareBank 1 SMN, DVB Bank SE and NIBC Bank N. V. The vessels are owned 50/50 with Bourbon Offshore Norway AS.

“We are pleased with the refinancing of two of our prime vessels. We have been working on a refinancing of the company for some time now and the net proceeds gives us more flexibility for further development of the company“, says CEO of Oceanteam Shipping ASA, Haico Halbesma.

The vessels CSV Bourbon Oceanteam 101 & CSV Southern Ocean are part of the company’s fleet that currently consists of four North Ocean 100 Series construction support vessels.

The refinanced vessels are working on recently secured long term contracts. CSV Bourbon Oceanteam 101 is working for Oceaneering in Angola until at least end 2014 and the CSV Southern Ocean is on contract with Fugro TS Marine Australia until end 2015.

The North Ocean series is one of the most advanced, able and successful, high-end CSVs series to date. The series’ proven quality for advanced deep-water operations under the most demanding and harsh conditions has set a new industry standard.

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Press Release, August 6, 2012