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 March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shipping Confidence Hits 2.5 Year Low

Overall confidence levels in the shipping industry fell to their lowest level for two-and-a-half years in February 2015, according to the latest Shipping Confidence

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

Offshore

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

Japan, U.S. Look to Expand Naval Cooperation

Japanese Prime Minister Shinzo Abe's push to allow Tokyo to come to the aid of an ally under attack will pave the way for closer cooperation between U.S. and Japanese forces across Asia, a top U.

BP Terminates GoM Rig Contracts

BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices.

Finance

Hermes Unit, Canadian Fund to Buy $2.4B Stake in UK Ports Group

The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure are prepared to buy a 30 percent stake in Associated British Ports for about 1.6 billion pounds ($2.

Baltic Sea Freight Index Up on Higher Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, mostly on higher capesize rates.   The index,

Direct Le Havre to Charleston LCL Import Service

CaroTrans has announced the addition of an expedited Le Havre, France to Charleston LCL import service.    This is the only direct, weekly Le Havre to Charleston LCL service available in the market.

Vessels

Shipping Confidence Hits 2.5 Year Low

Overall confidence levels in the shipping industry fell to their lowest level for two-and-a-half years in February 2015, according to the latest Shipping Confidence

DryShips to Sell its Suezmax Tanker Fleet

DryShips Inc. (NASDAQ: DRYS), has announced  that it has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer,

Shipbuilding: Mitsui Delivers Bulk Carrier

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 56,000 dwt type bulk carrier M.V. Desert Osprey (MES Hull No. 1862) at its Chiba Works

Underwater Engineering

Keppel FELS Delivers 11th Jackup to Mexico

Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered a KFELS B Class jackup rig to Mexican national oil company,

US Navy to Roll out Underwater Spy Satellites

The robotic series that remade crusade in skies will shortly extend to a low sea, with underwater view “satellites,” drone-launching pods on a sea building and unmanned ships sport submarines,

Statoil: Polarled Pipe-Laying Kicks Off

On 26 March, the Solitaire pipe-laying vessel started on the first stage of the Polarled installation project. The 482-kilometre long pipeline will transport gas

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.3033 sec (3 req/sec)