Oceanteam Dips Toe in Mexican Offshore Market

By George Backwell
Monday, May 26, 2014
Image credit Oceanteam

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.
  • Oceanteam has acquired ownership of the remaining 30 % shares in KCI, design and engineering services.
  • RentOcean delivered to CEONA a 2.000T modular carousel system in Brasil for 1 year plus options.
  • RentOcean awarded a contract by LS Cable South Korea for a second 4.000T modular carousel system for 1 year plus options.
  • Bergen District Court upheld Oceanteam's appeal in the legal case against Sawicon and NSS.

The company comments:
During the first quarter Oceanteam Shipping ASA increased its level of activity with start up of several new contracts for RentOcean, its marine asset services division. The Company increased its strategic ownership in the design engineering firm KCI to 100 % and commenced an investment programme named "The Next Step". The most significant event during the quarter was the founding of a new joint venture named "DOT Shipping" together with Grupo Diavaz to prepare for the expected growth of the market in Mexico.
 
Grupo Diavaz provides a wide range of integrated services to the Mexican oil company PEMEX and was founded in 1973. This new joint venture company will focus on providing high-end vessel solutions and marine asset services in Mexico.

The full financial report is available at: hugin.info/136936/R/1787833/614034.pdf
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Delta "T" Hooks for Offshore Customer

Gaining further ground into the offshore crane market, Delta "T" Systems supplied Cranston Eagle hooks to crane manufacturer Appleton Marine, Inc.   These cranes

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

New Functionality in WatchMate Vision

Vesper Marine has announced updates to its WatchMate Vision and XB-8000 product lines.   Now, in addition to transmitting and receiving position, course, speed

Offshore

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Total CEO: EU Must Fight US Crude Export Law

First major public appearance of new Total head; he challenges European politicians to fight US ban. The new head of French energy major Total challenged Europe to fight Washington over the U.

GAC Starts Hull Cleaning Op'ns in Oman

GAC EnvironHull hull cleaning operations using the brush-and-diver-free HullWiper system starting at the port of Sohar, just outside the Gulf of Hormuz. This

Finance

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

Vessels

Wärtsilä, Diesel United Renew Pact

Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines.

MARAD Tests Alternative Power for Ships

The Maritime Administration (MARAD) is testing state-of-the-art, environmentally efficient technology onboard the Training Ship (TS) Kennedy.   The National

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Underwater Engineering

GAC Starts Hull Cleaning Op'ns in Oman

GAC EnvironHull hull cleaning operations using the brush-and-diver-free HullWiper system starting at the port of Sohar, just outside the Gulf of Hormuz. This

First Libra Offshore Oil Well Confirms Discovery

Libra consortium reports that drilling the first well in the area extension of Libra, the 3-BRSA-1255-RJS (3-RJS-731), confirmed the discovery of good quality

Maersk Interceptor Named in Norway

In a ceremony held at GMC Marine Partners yard in Mekjarvik in Norway, Mrs. Anita Utseth, Senior Vice President in Det norske oljeselskab ASA (Det norske) had

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1675 sec (6 req/sec)