Oceanteam Dips Toe in Mexican Offshore Market

By George Backwell May 26, 2014

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