Oceanteam ASA and its 100% subsidiary company North Ocean II KS has in principle accepted an extension of the current charter with ABB of which certain conditions remain to be agreed. The earliest redelivery will be June 2010 The CSV North Ocean 102 is currently being mobilised for ABB High Voltage Cable installation works. Due to unforeseen delays within the cable installation project and the unavoidable movement of the cable installation window to first half of 2010 ABB extended its current charter agreement of CSV North Ocean 102.
The original charter and charter period were the result of an agreement reached in April 2009 between ABB , Global Marine Systems Ltd and Oceanteam. ABB chartered among others CSV North Ocean 102 and Oceanteam cable installation equipment and carousel.
As a result of the delayed redelivery, which is beyond Oceanteam's control, CICSA Marine from Mexico has issued a notice of termination of its its 5 year time charter on CSV North Ocean 102. With respect to the above Oceanteam ASA and North Ocean II KS have opened settlement discussions with CICSA Marine.