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Offshore Merchant Partners announces new transaction

Offshore Merchant Partners has today announced that it has agreed to acquire the pipe-laying vessel Amazon in a joint venture with Northern Shipping Fund III L.P., in a sale & leaseback transaction with a subsidiary of McDermott International, Inc (NYSE: MDR). The transaction has been made through Offshore Merchant Partners’ USD 381 million Asset Yield Fund.

The acquisition is carried out in combination with a leaseback agreement to a subsidiary of McDermott International, Inc. on an 11-year bareboat charter. MDR has options to acquire the vessel periodically over the charter term. Offshore Merchant Partners has been integral in structuring the transaction.

Completed in 2014 at Lloyds Werft Bremerhaven, the Amazon is a high capacity subsea vessel equipped with 4,600 square meters of deck space complete with two 400MT cranes and accommodation for up to 200. MDR plans to upgrade the vessel with a state-of-the-art J-lay system outfitted with the latest vessel technology to expand its ultradeepwater capabilities.

For further details, see www.omp.no .