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.
, 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.
