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

People & Company News

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Finance

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Houston Port Commission Approves budget

The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.   Projections

Vessels

HMAS Success Deploys to Middle East

After months of preparation, HMAS Success departed Garden Island in Sydney today for a six-month deployment to the Middle East Region to provide logistic support

Rosneft Ships First Oil From Chayvo Field

Rosneft commenced shipment of crude oil extracted at the Northern Tip of Chayvo license off the coast of Sakhalin, with the first tanker carrying Sokol-grade crude leaving port on November 21.

USS Oscar Austin Deploys to 6th fleet

Arleigh Burke-class guided-missile destroyer USS Oscar Austin (DDG 79) departed Naval Station Norfolk Nov. 21 for a deployment to the U.S. 6th Fleet area of responsibility (AOR).

Underwater Engineering

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

EMGS to Map Brazil's Gas Hydrates

Electromagnetic Geoservices ASA (EMGS) has received a contract worth USD 1.5 million for a research project in Brazil. The project will use 3D EM data to map

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.2457 sec (4 req/sec)