Oceanteam refinances two offshore construction vessels

AUGUST 3, 2012 — Norway’s Oceanteam Shipping ASA (OTS) has concluded a $147 million refinancing of two offshore construction vessels, CSV Bourbon Oceanteam 101 and CSV Southern Ocean, with SpareBank 1 SMN, DVB Bank SE and NIBC Bank N. V. The vessels are owned 50/50 with Bourbon Offshore Norway AS.  
 
“We are pleased with the refinancing of two of our prime vessels. We have been working on a refinancing of the company for some time now and the net proceeds gives us more flexibility for further development of the company, says Oceanteam Shipping CEO, Haico Halbesma.

The refinanced vessels, the 122 m CSV Bourbon Oceanteam 101 and the 136 m CSV Southern Ocean were both built by Spanish shipbuilder Metalships & Docks, Vigo, and were delivered in 2007 and 2010 respectively. Both are working on recently secured long term contracts. CSV Bourbon Oceanteam 101 is working for Oceaneering in Angola until at least end 2014 and the CSV Southern Ocean is on contract with Fugro TS Marine Australia until end 2015.