McDermott to take remaining stake in pipe-laying vessel North Ocean 105

McDermott to take remaining stake in pipe-laying vessel North Ocean 105

Houston-based oil industry service company McDermott International is to take complete ownership of vessel-owning firm North Ocean 105 SA by buying out the 25% stake held by Norwegian offshore support company Oceanteam.

McDermott already held 75% in North Ocean and is exercising its option under a credit facility agreement.

The deal between the joint venture partners should be complete by the end of April 2017, giving McDermott sole control of the North Ocean 105, a Spanish-built pipe-laying ship with an advanced reel-lay system capable of rigid and flexible pipelay in up to 10,000 feet of water.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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