Oceanteam Focuses on Mexico Strategy

By George Backwell
Thursday, August 28, 2014
OSV: Image courtesy of Oceanteam

Oceanteam Shipping ASA releases its Q2 2014 financial report, with extracts as follows:

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.
 
To unlock existing strategic values and to prepare for future growth Oceanteam has engaged a financial advisor to optimize the capital structure.

Highlights of the Quarter

  • Revenue from operations USD 17.7 million
  • EBITDA from operations is positive USD 7.0 million
  • Operating profit of USD 4.4 million
  • Net finance negative USD 4.1 million
  • Net profit for the quarter is positive USD 0.4 million
  • CSV Southern Ocean is 100 per cent consolidated effective from 2014
  • DOT Shipping orders 2 FSV's. Both vessels have a 6 year contract and are fully financed. Expected  
  •   delivery is early 2015.
  • RentOcean awarded a contract by LS Cable South Korea for a second 4000T modular turntable  
  •   system for 1 year plus options. The investment programme goes as planned with delivery end Q3
  •   2014. Subsequent in Q3 RentOcean sold some of its existing burial equipment.
  • CSV Southern Ocean has had a period of technical breakdown starting end of May and returned to  
  •   full operational mode early July 2014. During this period the vessel was on reduced charter rate.

About Oceanteam Shipping ASA


The company is an offshore shipping company. Its business is the owning, chartering and managing of Deepwater Offshore Construction Service - and Pipe Lay Vessels In addition Oceanteam Shipping provides complementary Engineering Services consisting of both Engineering & Design Services and Equipment to support its clients.

For more information: www.oceanteam.no

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