Settlement reached with Mexican Charterer ''CICSA''
Reference is made to earlier disclosures concerning a commercial dispute between Oceanteam ASA and ''CICSA'' (Construcciones Integrales del Carmen, SA de CV).
The commercial dispute related to a termination of a 5 years charter contract for CSV North Ocean 102 by CICSA, extensive vessel upgrades initiated by CICSA and a delayed delivery of the vessel.
The commercial terms of settlement reached between the parties remain confidential.
CSV North Ocean 102, including Oceanteam's 7000tonnes horizontal lay system, has been under contract with ABB AB (High Voltage Cables) since April 2009.
The vessel will support various ABB Subsea Power Cable Lay Projects. The current workscope is expected to be completed by mid 2010.