Reference is made to the Letter of Intent announced 14 September 2009. Oceanteam ASA ("Oceanteam" or the "Company") has today entered into a sale and purchase agreement with J. Ray McDermott (Norway), AS ("J. Ray"), a subsidiary of J. Ray McDermott, S.A., for a sale of approximately 50% of the shares in North Ocean II AS, approximately 50% of the partnership interests in North Ocean II KS and 75% of the shares in North Ocean V AS. North Ocean II AS and North Ocean II KS are the ship owning companies for CSV North Ocean 102, whereas North Ocean V AS is the ship owning company for CSV North Ocean 105 (to be built).
As part of the transaction, Oceanteam and J.Ray have entered into shareholders agreements governing the relationship between Oceanteam and J.Ray as shareholders/limited partners in the aforementioned companies.
In addition, affiliates of J. Ray have entered into a long term charter for the vessel CSV North Ocean 102 as well as a long term charter for the vessel CSV North Ocean 105 to be built at Metalships, Vigo Spain.
A five year charter of CSV North Ocean 102 will start upon redelivery of the vessel upon completion of the current ABB charter which is estimated to be in July 2010.
A five year charter of CSV North Ocean 105 will start upon delivery of the vessel from the shipyard. The CSV North Ocean 105 new build project is subject to completing a Spanish Tax Lease structure for the vessel and ship financing.
As a result of this transaction Oceanteam will participate in the ownership and management of the special purpose ship owning companies. J.Ray has options to purchase Oceanteam's shares and partnership interests in the respective companies on the fifth anniversary of the closing of the transaction for the CSV North Ocean 102 and on the completion of the five year charter party for the CSV North Ocean 105.
The transactions included a cash consideration. Parts of the consideration will be placed in escrow. The transaction and is part of Oceanteam's restructuring process.
Oceanteam will release an extended stock exchange notice pursuant to the provisions of Oslo Børs' Continuing Obligations no later than on 22 December 2009.