McDermott buys stakes in 2 construction vessels

AP News
Posted: Dec 21, 2009 11:59 AM

Construction and engineering company McDermott International Inc. said Monday it acquired stakes in two underwater oil and gas construction vessels from a Norwegian offshore services company.

Subsidiary J. Ray McDermott SA has purchased a 50 percent stake in North Ocean 102 and a 75 percent stake in North Ocean 105 from Oceanteam ASA. McDermott said it will charter the vessels for five years, after which it will have the option to purchase Oceanteam's stake in both ships.

Neither company disclosed the terms of the acquisition, though Oceanteam said it included a "cash consideration."

McDermott said it will take delivery of North Ocean 102 in the third quarter of 2010. It will receive North Ocean 105, which is unbuilt and will be constructed in Vigo, Spain, in the last quarter of 2011.

Shares of McDermott rose 37 cents to $23.46.