Oceanteam Financial Transformation Aids 2013 Business
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.