ABB and Oceanteam have agreed that the projects’ will be taken over by Global Marine System Ltd and that Oceanteam will be released with immediate effect from all its associated obligations under the contracts’. ABB and Oceanteam have agreed on mutual hold harmless waivers for the Contracts.
The transfer agreement includes that ABB and Global Marine Systems Ltd will charter the CSV North Ocean 102 and CLV Team Oman as spreads which include certain related personnel, equipment and support services from the Company as from April 12, 2009 and until the projects are completed, estimated in fourth quarter of 2009.
The transfer termination agreements will exclude utilisation of the CLB Explorer, the Heavy Duty Plough and certain related equipment. The equipment is currently available in New Castle, UK, and Oceanteam is in dialogue with various parties to charter out the equipment.
The parties have agreed to keep the terms of the agreement confidential.
Due to the transfer of the projects and the termination of the long term co-operation agreement, Oceanteam will reduce its activities. The operational risk of the company will be reduced, but Oceanteam will accordingly generate less revenues and incur large restructuring costs in 2009. The impact of the agreement on the Company 2009 work schedule is significant. The reduced utilisation of the CLB Explorer-, related equipment -, personnel will affect the financial results of the company.
