Oceanteam Financial Transformation Aids 2013 Business

MarineLink.com
Friday, April 25, 2014
Image courtesy of Oceanteam

Diversified offshore shipping company Oceanteam's CEO, Haico Halbesma, writes in the Annual Report 2013 that it was a year of consolidation and operational focus for Oceanteam Shipping ASA. Exerpts from his letter to shareholders follow:

"In addition, new opportunities were identified and followed upon, which resulted in particular in a large back log for RentOcean and the establishment of DOT Shipping. This joint venture with Grupo Diavaz is to service the fast growing Mexican market.

From early 2013 we have re-focused the company, improved both the balance sheet and our operations significantly and at the same time opened up for new types of work. 

The year 2012 was in many ways a year of financial transformation in which the company refinanced a total of USD 240 million in vessel and company debt. A USD 92.5 million unsecured bond placement towards the end of 2012 concluded the changes in the capital structure.

As a result warrants could be exercised early 2013, which further improved the company's liquidity and debt maturity profile resulting in a in a solid financial platform from which to operate. The bond market has already recognized the solidity of the company's financial strategy as this is currently trading at 108 above par.


The operational improvement and solid backlog within subsidiaries RentOcean, OceanWind, KCI as well as the Shipping division, are a confirmation of the success of the company's strategy so far. We now have to start leveraging the company's core competences throughout the value chain.

It is the Board and Management's intention that 2014 will be the year that Oceanteam demonstrates its ability to initiate significant growth."

About the company:
Oceanteam Shipping ASA 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.

 www.oceanteam.no
 

 

 


People & Company News

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Finance

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

How Rapid is the Fleet Growth?

During July 2016, the containership fleet reached a landmark 20 million TEU in terms of aggregate capacity, says Clarksons Research.   To many it only seems

Offshore Energy

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

Onshore Spending on the Cusp of Recovery?

DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will

Heavy Lifting: Giant Pipe Racks Shipped for New FPSO

From Brazil to China and then back to Brazil, five pipe racks and three modules weighing a total of 1,871.51 metric tons and measuring 24,075 m³ will be transported

Underwater Engineering

Fugro, US Army Corps of Engineers Ink Mapping Deal

Fugro has been awarded a photogrammetric and LIDAR surveying and mapping contract by the U.S. Army Corps of Engineers, St. Louis District, Missouri. The agreement

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.1333 sec (7 req/sec)