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By GlobeNewswire,  June 20, 2017, 12:09:00 PM EDT

Today, Oceanteam and its joint venture partner McDermott closed the sale of Oceanteam's remaining 25 percent stake in vessel-owning company North Ocean 105 AS.

The proceeds of this sale will be used for repayment of certain lenders and vendors upon such funds becoming available. The funds are being released in the week following the Company's bond refinance becoming fully effective. Oceanteam shall then carry this process forward instantly.

Through this sale another important step in Oceanteam's financial restructuring plan has been taken and this will allow the Company to further develop its existing market activities and to take advantage of new business opportunities.

Also read:

"Oceanteam and bondholders sign new bondholders agreement as part of Company's refinancing process"

"Oceanteam ASA reaches agreement with majority of bond holders on refinancing of bond loan agreement"

"McDermott to exercise its option to purchase PLV North Ocean 105"

About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions' focus is to provide its clients with complete offshore solutions. Oceanteam ASA has been active in the industry as an offshore solutions provider for over twelve years.

For more information:

For further information about Oceanteam ASA please contact:

CEO Haico Halbesma: +31 20 53 57 570,

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Oceanteam ASA via Globenewswire

This article appears in: News Headlines

Referenced Stocks: OTS

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