DOT Holdings Takes Half-Interest in New OSV
Oceanteam Shipping ASA says that it has secured, through its joint venture DOT Holdings AS, an interest in a new build Offshore Support Vessel, and as a result a
partnership with Pacific Radiance Ltd., subject to certain conditions subsequent, has been established.
Once full closure is reached the initial interest of DOT Holdings AS is 50%. The investment comes with an option to buy the remaining 50% after a period of 7 years against agreed terms. The commercial terms remain confidential. The project is fully financed upon closure of certain conditions subsequent.
Closure of remaining conditions subsequent, are expected to be finalised in the coming month.
Through the partnership and joint vessel ownership with Singapore stock listed Pacific Radiance Ltd., DOT Holdings AS considers that it has secured a long term partnership with a highly competent and strong partner.
Pacific Radiance Ltd owns and operates over 130 high end offshore support vessel and has world-wide operations.
Oceanteam Shipping ASA is an offshore shipping company. Its business is the owning, chartering and managing of Deepwater Offshore Construction Service - and Pipe Lay Vessels In addition Oceanteam Shipping provides complementary Engineering Services consisting of both Engineering & Design Services and Equipment to support its clients.
The Pacific Radiance Group of Companies is an established owner and operator of offshore vessels and a provider of subsea services, shipyard services, marine equipment as well as project logistics to the global oil and gas industry.
www.oceanteam.no