OCEANTEAM SHIPPING ASA – RELEASE OF Q1 2013 REPORT AND PRESENTATION

OCEANTEAM SHIPPING ASA – RELEASE OF Q1 2013 REPORT AND PRESENTATION

“During the first quarter Oceanteam Shipping ASA saw the full utilization of all vessels. Oceanteam also continued its investment program in 2.000 Ton/ 4.000 Ton modular carousel systems. Equipment rental and new modular carousels represent a high-value segment for Oceanteam and the demand displayed for our innovative, proprietary cable solutions is promissing. This was most recently demonstrated by an order placed from LS Cable Korea for a number of our solutions for a two year period building a healthy back log.”
HIGHLIGHTS FOR THE QUARTER
• Revenue from operations USD 16.5 million
• EBITDA from operations is positive USD 7.2 million
• Operating profit of USD 3.8 million
• Net finance costs USD 3.9 million
• Net profit of USD 0.2 million
• After exercising 14.6 million warrants the total number of shares tradable as from 24th January 2013 on Oslo Stock Exchange are 29.593.259 shares
About Oceanteam Shipping ASA
Oceanteam Shipping ASA (Oslo Stock Exchange: OTS) 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.
For more information: oceanteam
Source: Oceanteam
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