Oceanteam Focuses on Mexico Strategy
The company says it saw, with its early focus on Mexico, a long term strategy confirmed: its newly founded DOT Shipping partnership with Grupo Diavaz and the subsequent approval of the Mexican Energy Reform legislation is envisaged to create significant opportunities for the company. These important events triggered plans prepared by the company and have so far resulted in the order, finance and time chartering of two new build FSV's. DOT Shipping will focus on providing high-end vessel solutions and marine asset services in Mexico. RentOcean, the company's marine asset services division continues to experience strong growth and level of services it provides.
Oceanteam Dips Toe in Mexican Offshore Market
Norway-based Offshore shipping company, Oceanteam Shipping ASA, highlights results in the first quarter of 2014 and draws attention to a Mexico J/V with PEMEX. Revenue from operations USD 15.1 million for the quarter. EBITDA from operations is positive USD 6.7 million for the quarter. Operating profit of USD 4.2 million. Net finance negative USD 3.7 million. CSV Southern Ocean is 100 percent consolidated from the first quarter due to change in control effective from 2014. This is related to implementing of IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements. Oceanteam takes 40 % stake in new offshore shipping company. DOT Shipping is a joint venture founded together with Grupo Diavaz focusing on the Mexican market.
