Oceanteam ASA Announce Q4 2015 Report

Revenue from operations USD 12.4 million, EBITDA from operations USD 6.8 million, Operating profit of USD 2.2 million, Net finance negative USD 2.8 million, General & administration costs further reduced. Costs down by more than 30% in 2015 compared to 2014.

    Highlights for the quarter

As a result of the successful implementation of the Company’s diversification strategy, Oceanteam Shipping ASA changed its name to Oceanteam ASA, reflecting the Company’s growth in solution-driven services.

  1. Our marine assets division RentOcean will now operate under the name Oceanteam Solutions. This division combines high-end engineering know-how and equipment capabilities in a single service for our clients.
  1. The construction of a large offshore construction support vessel, the Tampamachoco I, for DOT Shipping is progressing as planned, and one major step is already complete: the keel has been laid.
  1. Oceanteam Cable Solutions successfully performed a cable loadout at the Velsen Noord base. The cable loadout is part of a long-term contract under which Oceanteam Cable Solutions supplies the client with port facilities, offloading and cable storage.
  1. Oceanteam Solutions won a contract for the supply of a 2500t onshore turntable, accompanying equipment and cable crew for a storage and cable loadout project in Belgium.
  1. KCI design engineering has been awarded various contracts and maintains its backlog of projects in oil and gas, Offshore Renewables and Innovative Equipment & Structure, both offshore and onshore.
  1. Oceanteam Shipping’s CSV and FSV fleet is fully operational and most of the vessels have contract coverage until early 2017 and beyond.
    Subsequent events

• CSV Bourbon Oceanteam 101 expected to be released early from Angola contract in May 2016. Under the terms of the charter contract, the owner of the vessel will be reimbursed for the costs incurred and associated with the early release and demobilisation of the vessel.
• Oceanteam started its next EUR 1 million utilization for its EUR 15 million growth facility.
• Awarded contract for major cable transport and storage project to be executed in 2016.
• Extended contracts for FSVs in Venezuela by six months with two optional one-year extensions.
• Settled IP infringement case.
• DOT Radiance Ltd, a company jointly owned by DOT Holding and Pacific Radiance, secured post-delivery financing from DBS Bank of Singapore.
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