Oceanteam ASA – Release Q1 2016 Report

Strong EBITDA due to sustainable business operations, solid contribution from Shipping and Solutions segments with focus on increasing contract backlog and a significant revenue accrual for early redelivery fees of CSV Bourbon Oceanteam 101.
Revenue from operations USD 14.8 million.
Highlights for the quarter
• EBITDA from operations USD 7.9 million.
• Operating profit of USD 5.7 million.
• Net finance negative USD 3.6 million.
• Net result for the quarter 2.0 million.
• The construction of a large offshore construction support vessel, the Tampamachoco 1 for DOT Shipping, is progressing as planned with delivery expected end of 2016.
• CSV Bourbon Oceanteam 101 received a termination letter from its clients in February and the vessel is expected to be redelivered end of May, after which she will go into dry dock. Under the terms of the charter contract, costs incurred and associated with an early release and demobilisation of the vessel are to be reimbursed to the owner.
• Oceanteam Solutions won a contract to supply a cable manufacturer demountable turntables and auxiliary equipment for the multiple transport of cables from Asia to Europe in 2016.
• Oceanteam Solutions engineered and mobilised a complete cable lay barge. The cable lay equipment spread will be on long-term hire.

    Subsequent events

• Interest payments on USD bond loan redeemed as planned, and the Company is well within all of its financial covenants set forth by the Loan Agreement.
• The CSV Bourbon Oceanteam 101 started its demobilisation in May 2016.
• Oceanteam Solutions won a contract to supply a client a 4000T and 1100T turntable and auxiliary equipment for the storage, splicing and multiple load-outs of cables at Oceanteam’s base in Velsen Noord, The Netherlands.
Please find attached the complete Q1 2016 report and presentation .
Source: Oceanteam ASA
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