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Amended charter contract CSV Southern Ocean with Fugro


Amended charter contract CSV Southern Ocean with Fugro
The CSV Southern Ocean, which has been on a long-term bare boat charter contract with Fugro since her delivery in 2010, has been redelivered to Oceanteam per 7 November 2017. Despite the redelivery, under the amended contract the vessel will remain available for jobs as and when fit to Fugro until the original end date of the contract (end 2018).
The owners and Fugro have initiated a world-wide re-marketing and re-deployment initiative for the CSV Southern Ocean complete with integrated survey and multiple ROV spread.
 
The CSV Southern Ocean is a DP2 Construction Support vessel (dynamic positioning class 2) with large cranes (1 x 250 and 1 x 100 tonnes fully heave compensated), 2400 m2 deck space, 10.000 tonnes DWT, extensive accommodation and excellent seafaring capabilities.
 
These characteristics enable Southern Ocean to be utilised for field support, construction, installation and IRM. CSV Southern Ocean can carry 7.000 tonnes load on deck, combined with in house carousel, reel and engineering capabilities, the vessel can be utilised for a flex lay project in the oil and gas, power and offshore renewables markets.
 
CSV Southern Ocean is owned by a joint venture between Bourbon Offshore Norway and Oceanteam.

For more information about the CSV Southern Ocean please contact our Fleet Manager Mathieu Feisthauer at mathieu@oceanteam.nl

You can find the full specifications of the vessel here.

Oceanteam Solutions wins contract to supply a 5300T turntable on a barge utilised for cable storage


Oceanteam Solutions wins contract to supply a 5300T turntable on a barge utilised for cable storage
Oceanteam Solutions has recently signed a contract regarding the supply of a 5300T turntable, a loading tower and auxiliary equipment on a barge for the storage and multiple loadouts of subsea cables in the Netherlands. Furthermore, Oceanteam will accommodate a professional cable handling crew that will assist during the cable loadouts.
For this newly awarded project, four cables will be delivered and spooled onto the turntable which is mobilised on a barge at the client’s premises. This way, Oceanteam offers the client a one-stop shop service by supplying the barge, storage equipment and cable handling crew in one package. Earlier this year, Oceanteam successfully completed a project comprised of cable splicing, storage and multiple loadouts with its own 4000t and 2000t turntables for the same client.
 
Oceanteam is happy to win this new contract after successfully completing two similar projects for the same client over the last two years, says Haico Halbesma, CEO at Oceanteam “This newly awarded contract demonstrates the trust clients have in Oceanteam’s extensive know-how and experience in the cable handling and storage business.”
 
Oceanteam has a long track record in cable and umbilical services. Interested in Oceanteam’s cable transport and handling equipment and services? Find an overview of our cable solutions here.

Dutch Jos van Dijk appointed Group Chief Financial Officer (CFO)


Dutch Jos van Dijk appointed Group Chief Financial Officer (CFO)
Per 1 October 2017, Mr. J. van Dijk (1969) has been appointed Group Chief Financial Officer (CFO) of Oceanteam (“the Company”), the Norwegian-Dutch offshore service provider listed at the Oslo stock exchange. Van Dijk, a seasoned financial executive, brings in all relevant international offshore, maritime and civil engineering related experiences, including leadership capabilities that the Company is in need for after a rocky, but successful, financial restructuring that was closed last June 2017
The appointment of Mr. Van Dijk follows the leave of former CFO Torbjorn Skulstad in November 2016, and the suspension of interim CFO Wilhelm Bohn in July 2017. As a Group CFO Van Dijk will have a direct report to non-executive director Diederik Legger who was appointed in July 2017 representing Oceanteam’s bondholders and owning the Finance portfolio within the Board.
 
“Now we are recovering from the burden of the financial restructuring that we closed in June 2017, the mismanagement of our former two CFO’s and the time consuming and intensive discussions with our bondholders and shareholders, our new Group CFO can start building upon a new financial foundation that we have created for a promising future of our Company. And thus for our shareholders, staff, clients and suppliers”, says CEO Haico Halbesma.
 
 “It is key that Van Dijk will focus on a two-fold mission. His first set of priorities is a) to keep Oceanteam aligned and in compliance with current governance and reporting standards, b) to further professionalize internal reporting structures including those that are in place with our joint venture partners, and c) to strictly monitor our recurring cost savings program called CHALLENGER of which our recently launched procurement code of conduct is part of. His second set of priorities is to work closely with the board in order to sustain the constructive relationships we have with our banks, investors and the relevant financial authorities in Norway, the Netherlands, Singapore and Mexico.”
 
Before joining Oceanteam, Jos van Dijk CMA CFM (Dutch nationality) held several CFO and other senior financial positions with leading Dutch companies, among others at Mammoet (heavy transport and logistics; 2014-to date), at ADVIN/ Dura Vermeer (civil engineering; 2011-2014) and  at Heerema Marine Contractors (oil and gas; 2008-2011). He holds degrees from Erasmus University Rotterdam (Master of Business Economics), University of Amsterdam (CMA, CFM, IFRS), Nyenrode Business University (advanced management program) and Lausanne (CH) based IMD (International Institute for Management Development).

KCI attends 2017 Euro Attractions Show (EAS)


KCI attends 2017 Euro Attractions Show (EAS)
Next week, Oceanteam’s subsidiary KCI will be present at the Euro Attractions Show (EAS) from 24-28 September in Berlin, Germany. EAS is a major exhibition event for leisure and attractions industry professionals, including operators, suppliers, manufacturers, investors and developers from the global amusement community. More than 11,000 industry professionals are expected to attend.
KCI attends the expo because of its long year involvement in the design and engineering of Observation Wheels. In terms of design and engineering, the firm is a pioneer and global market leader. With a track record of over 15 Observation Wheels, KCI’s footprint in large and prestigious Observation Wheels remains unparalleled in the world. In fact, two of the largest wheels in the world, which are currently under construction, have been designed and engineered by KCI. One of them is Ain Dubai, the new spectacular Observation Wheel on Bluewaters Island.
For many wheels around the world, KCI has created the Concept Design. Often in a subsequent phase, KCI was tasked to carry out the Basic and Detailed Design. For the wheels that have been actually built, the company has provided fabrication support and installation management assistance on several occasions. The firm is often praised for its very flexible approach and ability to set up on-site offices very quickly to provide its clients with the best support during project execution.
For more information or appointments, please contact Jan Willem van Bloois: jw.vanbloois@kci.nl.
 

Complete overview of our vessels


Complete overview of our vessels
Over the years, Oceanteam has developed from a company that merely owns and charters vessels, into a multi-solutions provider for offshore oil & gas platforms and offshore renewable projects, including cable laying, transport and solutions, equipment rental and engineering. Nevertheless, our vessels remain the seaworthy foundation of our business.
 
Interested in the specifications of our high-quality fleet? Download the Oceanteam Shipping brochure. Here you will find an extensive description of our multi-purpose CSVs and FSVs.
 
Specific questions about collaboration with Oceanteam Shipping or the use of a specific vessel for your project? Our Fleet Manager Mathieu Feisthauer is more than willing to answer all of your questions! 

Oceanteam ASA reports H1 2017 results


Oceanteam ASA reports H1 2017 results
Main financial indicators H1 2017

- Operating Income USD 16.8 million                   
- EBITDA: USD 6.8 million
- Operating profit: USD 0.9 million
- Net finance (positive): USD 22.4 million
- Net profit: USD 23.3 million, including
- An IFRS IAS 39 fair value effect of new bond loan of USD 29.7 million
Major events in H1 2017
  • As per 31 July 2017, Diederik Legger has been appointed as a member of the Board of Directors of Oceanteam. He is replacing Bote de Vries, who stepped down only two months after joining the Board as his Oceanteam responsibilities required more time than initially expected.
  • The services of Interim CFO Wilhelm Bøhn, hired as a consultant to perform certain specific tasks, were suspended.
  • Oceanteam initiated a financial restructuring in October 2016 and has since early 2016 developed and executed a restructuring plan that has secured a capital cost and structure which will support the value preservation and financial flexibility and value creation for all stakeholders.
  • Final loan agreement was fully closed with Oceanteam bondholders effective from 19 June 2017.
  • Oceanteam's joint-venture partner McDermott executed its option to purchase all of Oceanteam's remaining interest in North Ocean 105 AS, the company owning the LV North Ocean 105. The transaction was closed on 20 June 2017.
  • Oceanteam closed a refinance of CSV Bourbon Oceanteam 101 and CSV Southern Ocean for a period of five years at market terms with effective date 17 July 2017.

Oslo/ Amsterdam - 30 August 2017. Oceanteam ASA, the Dutch-Norwegian based offshore service provider Oceanteam ASA ("Oceanteam" or "Company") today announced its official figures of the first six month of 2017 (hereafter referred to as H1 2017).

Revenues during H1 2017 came in at USD 16.8 million The Company recorded an EBITDA from operations of USD 6.8 million and a net result in H1 2017 of USD 23.3 million including an IFRS IAS 39 fair value effect on Company's new bond loan  of USD 29.7 million.

Unfortunately, cost implications from uncertainties and unexpected delays concerning the conclusion of Oceanteam's refinancing and related issues resulted in a negative effect on the Company's performance in the first six months. Delays, but also  a series of incidents with interim CFO Wilhelm Bohn, did harm the company's reputation unnecessarily and resulted in his suspension.

Oceanteam CEO Haico Halbesma says: "However, these setbacks do not take away the fact that the Company received a vote of confidence from its bondholders, banks and most recently from its main shareholders on its long-term viability, future direction and proven track record. It also does not take away the fact that Oceanteam's vessels performed as expected, contracts were executed successfully and new contracts for the Solutions segment were secured. We have come to a point where the Company needs to operate in quieter waters to use its full potential. There have been going on too many unnecessary issues. Our new financial foundation and ongoing and successful cost reductions programs have created a new platform to further develop our steady market performance as the Company now shows on a month-by-month basis."

According to Halbesma the state of the oil and gas market, while seeming to stabilise somewhat, will likely remain challenging in the coming period. However, the Company's early focus on offshore renewables, Engineering & Logistic Solutions, plus its expansion in certain geographical areas will help the Company to safely navigate the current market low as well as structural changes in the oil and gas market. "We are also in the process of creating new revenue sources in the field of civil engineering and offshore-related logistic solutions, while building on the same core capabilities that have made Oceanteam the distinguished niche player it is known as today. There is an exciting and promising perspective beyond our horizon."

As a result of the new bond loan agreement and the sale of the Lay Vessel North Ocean 105 the Company now has improved free cash flow and has structurally a lower interest costs, creating a healthy foundation for further growth.


Business areas

Major events and developments (H1 2017)
  • Oceanteam Solutions has been awarded a long-term contract to supply its client that provides cables and systems for energy and telecommunications with port facilities, loadouts and storage of cables at Oceanteam's own cable storage facility in Velsen Noord, The Netherlands.
  • Oceanteam's subsidiary KCI has been awarded new assignments from Geosea, Boskalis Offshore and OOS International.
  • Oceanteam's subsidiary KCI has successfully performed the first test of its patented Double Slip Joint (DSJ) research & development project with its partners SIF and Van Oord.
  • In April, Oceanteam moved into a new office in Amsterdam. At the same time, Oceanteam Solutions moved into a larger building on their own base in Velsen-Noord. Both relocations will give Oceanteam room for future growth whilst significantly reducing office rental costs.
  • Oceanteam's subsidiary DiavazOceanteam Shipping (DOT) has come to an agreement with seller Pacific Radiance to postpone the delivery of the CSV Tampamachoco 1 (T1) to the end of 2017 with an option to delay until the end of 2018.
     
Major subsequent events (H1 2017)
  • Oceanteam Solutions signed a contract with a European cable manufacturer regarding the supply of a transport vessel, turntable and auxiliary equipment for the transport of cables from South Europe to Scandinavia.
  • Oceanteam Solutions has been awarded a long-term contract to supply a company that performs the installation of marine power cables with a 2000T demountable turntable including engineering and personnel services.
  • Oceanteam's subsidiary KCI has been awarded with a design study for an attraction in a new amusement park in Rotterdam, based on their offshore experience.

Oceanteam Shipping

Operations North Ocean fleet CSV

CSV Bourbon Oceanteam 101: working on long-term time charter contract in Angola for TOTAL SA. The contract, which started in August 2016, is for a period of three years plus options.

CSV Southern Ocean has been on a long-term bare boat charter with Fugro TSM Australia since its delivery in 2010. The vessel will remain under contract by Fugro TS Marine Australia until the end of 2018 and has options for extension.

Oceanteam Mexico SA de CV operates two Fast Support Vessels (FSV's), Tiburon and Mantarraya.

Tiburon and Mantarraya are still under bareboat charter with Inversiones Setin Venezuala, however, since Inversiones Setin is in breach of its obligations under the contract and the Company has not received the charter hire due thereunder, the Company has started legal proceedings against Inversiones Setin. The outstanding receivable balance in the amount of USD 0.4 million has been written off as doubtful debt as part of 4Q 2016 financial reporting.

The plan is to terminate the contracts properly, vest a claim for unpaid charter hire, repairs and maintenance overdue. Subsequent, the vessels are scheduled to go into dry dock and to be ready to commence on the new contracts by end of 2017.

Oceanteam Solutions is specialised in building demountable turntable systems that easily can be delivered in 40ft containers to any port globally. The company designs and produces turntables in various sizes, for onshore and offshore use and for a variety of cables, umbilicals, pipes or flowlines. The Company provides full engineering design and consultancy services to clients in the oil and gas, civil engineering and renewables industries. Oceanteam Solutions can also provide services for complex structures both onshore and offshore. With the in-house engineering experience and expertise, clients can contract the most effective vessel and equipment solutions for their projects. Over the years Oceanteam Solutions has built up a broad client base worldwide, to which the company successfully supplies equipment and supports the client's offshore cable, pipeline and umbilical installations, transport and storage projects. From our base with deep-water quayside facilities in Velsen-Noord, the Netherlands, the company can accommodate all sizes of vessels for mobilisation and demobilisation with easy access to the North Sea.

DOT SHIPPING

In March 2014, Oceanteam acquired a 40 percent stake in the newly founded joint venture DOT Shipping together with Diavaz. DOT Shipping successfully delivered two FSV newbuilds, named Icacos and Cobos, in Q4 2014. Both vessels are fully financed and have been operational in the Mexican market since March 2015.

DOT Shipping, where Oceanteam has a 40 percent working interest, has a 50 percent stake in a large newbuild construction support vessel named Tampamachoco 1, within a DOT Radiance joint venture. The delivery of this vessel is postponed to the end of 2017 with an option to delay until the end of 2018.

Oceanteam Solutions 

Oceanteam Solutions is specialised in building demountable turntable systems that easily can be delivered in 40ft containers to all ports globally. The company designs and produces turntables in various sizes, for onshore and offshore use and for a variety of cables, umbilicals, pipes or flowlines. The Company provides full engineering design and consultancy services to clients in the oil and gas and renewables industries. Oceanteam Solutions can also provide services for complex structures both onshore and offshore. With the in-house engineering experience and expertise, clients can contract the most effective vessel and equipment solutions for their projects. Over the years Oceanteam Solutions has built up a broad client base worldwide, to which the company successfully supplies equipment and supports the client's offshore cable, pipeline and umbilical installations, transport and storage projects. From our base with deep-water quayside facilities in Velsen-Noord, the Netherlands, the company can accommodate all sizes of vessels for mobilisation and demobilisation with easy access to the North Sea. 

Main operational projects Oceanteam Solutions (H1 2017)
  • Supplying demountable turntables and auxiliary equipment for the multiple transport of cables from Asia to Europe.
  • For a long-term storage project Solutions upgraded and customised a turntable from 4000t to 5300t and spooling operations were successfully performed by our cable handling crew.
  • Performed a second load-out for a client into a 2000t turntable with subsequently the splicing of the cable at Oceanteam's own cable storage facility in Velsen Noord, The Netherlands.
  • Supply of full cable installation spread to Offshore Wind client.
  • Multiple cable storage contracts ongoing.
  • Various multi discipline design engineering contracts ongoing.
  • World's largest Ferris Wheel design, construction and installation support continues to create significant amount of work.
  • Various concept studies for future foundations of WTG's for the Offshore Wind market.

Market outlook 

The main factor in the market outlook is the turmoil in the oil price. The volatile environment for oil and gas prices and activity has created significant market challenges for our industry, but also opportunities. With the Company's expertise in combining engineering, shipping and equipment, the Company is ready to add more value for our clients.

Backlog and finance. The oil and gas prices influence oil companies' priorities and choices between new developments, upgrades of existing facilities and commitments to recovery from producing fields. Fluctuations in oil and gas prices also affect the offshore renewables market as available resources flow into this market. Hence oil and gas prices affect activity, rates and asset values in both of Oceanteam's primary markets. Oceanteam is confident and has to date secured sufficient projects in both the oil and gas market and the offshore renewables market to maintain a high to good level of utilisation of its assets and engineers for the coming period.

There is considerable uncertainty as to how long it will take before demands pick up and market conditions are expected to remain challenging for several years. The Company is still positive and believes that the long-term fundamentals of the relevant markets and regions it operates in remain strong and that its diversification strategy supports utilisation for its assets and ride the next upturn in these cyclical markets. To mitigate the market risk, the Company has secured backlog for 2017 and well into 2019 (excluding contract options) for its CSV assets.

To meet the macro challenges the Company continues to focus on capital and cost discipline to strengthen its balance sheet.

The performance of the Company in this half year was weaker than in the previous period due to the continuously weak market. At the same time the Company has managed to complete the finance restructuring process which has secured a capital cost and structure which supports the value creation and financial flexibility. In addition to this, the Company's operating costs have been materially reduced compared with the previous period.

Lean organisation and strong partners. The Company has always focused on strong long-term backlog seeking full utilization of its high-end deepwater assets, a proven strategy that gives long-term stable cash flow. The diversification of the Company's global business units and working segments makes us more robust against decreasing oil prices. Geopolitical tension will make certain regions develop faster or slower and therefore the Company has chosen to focus on stable regions and to team up with strong local partners with proven track records in their respective markets. Diversification of clients also helps the Company to increase its knowledge and to develop in different markets and to spread its operational risk.

Firm position in offshore market. In Western Europe several offshore wind parks have been sanctioned and are being realised on an increasing scale. The Company's continued belief is that demand for services related to the offshore renewable industry will increase significantly in 2018 and beyond, this is also supported by increased leads and in the building of backlog.

The Company remains in a strong position to meet future demands and requirements in this market. Limited space and environmental laws are causing large wind farms to be constructed further from shore. The projects are in deeper waters, more complex and on a larger scale. With over 30 years of experience, Oceanteam Solutions has the competence to meet industry demands. With its deep water base in Velsen, The Netherlands it supplies and rents to a broad client base around the world to support their offshore cable, pipeline and umbilical installations, transport and storage projects.

Oceanteam Solutions uses the current platform to focus on combining the different disciplines and resources into cost effective solutions which creates new opportunities. All with the aim of reducing risks and improving the economics, both running costs and installation costs, for our clients.

Solution driven services. The exact timing of existing projects currently in the development stage remains uncertain, but overall the market is expected to grow, resulting in an increased demand for support vessels and associated services.

The focus of the industry is on reducing installation and maintenance costs and using flexible solutions, which Oceanteam can provide with its solution driven services.

Oceanteam spends significant resources on market research and intelligence. It adapts its strategy and risk profiles when the analysis deems this to be prudent.  The Company aims to steer profitably through this challenging period and ride the next upturn in our cyclical markets.

 

Amsterdam/ Bergen, 30 August 2017
 

Executive Management and Board

OCEANTEAM ASA - H1 2017 REPORT

Oceanteam Solutions and KCI attend Marintec South America


Oceanteam Solutions and KCI attend Marintec South America
This week, Oceanteam Solutions and subsidiary KCI the Engineers will be present at the 14th edition of Marintec South America, the leading South American maritime exhibition for shipbuilding, platform and maintenance. UBM/Seatrade organises Marintec South America from 15 to 17 August 2017 in Rio de Janeiro, Brasil. 
With 6.000 professionals from the maritime industry, 350 exhibiting brands from 25 countries and 7.500 m2 floor area, Marintec South America is a not to be missed opportunity for relationship-building and lead-generation. Oceanteam Solutions and KCI have a stand at the SulAmérica Convention Center where the event takes place, presenting its portfolio of services for the oil and gas market.
 
Oceanteam Solutions designs, builds and owns a large pool of demountable turntables with a capacity of up to 5000T which they successfully rent out to clients to support their offshore cable, pipeline and umbilical installations, transport and storage projects. The company is specialised in building systems which can be delivered in 40ft containers to all ports globally.
 
KCI covers the complete chain in oil & gas asset development. From geological surveys, field development, concept selection and conceptual design, right up to the actual construction, installation and future decommissioning. Furthermore, KCI designs deck lay outs and is specialist when it comes to shipping equipment.
 
You can find Oceanteam Solutions and KCI at stand 205. For more information or appointments, please contact Jan Willem van Bloois: equipment@kci.nl or Saskia Tans saskia@oceanteamsolutions.com.

Wind at sea becomes increasingly important in European energy transition


Wind at sea becomes increasingly important in European energy transition
With increasing speed, European countries are focussing on the transition from fossil energy to renewable energy. Wind at sea seems to play a leading role in this transition. This applies in particular to the Netherlands: In the country’s territorial waters five new wind farms will raise that will belong to the largest in the world. The main reason that wind at sea has such good cards: less and less government subsidies are necessary to develop wind farms.
 
Nowadays, the Dutch government is fully committed to wind energy. At the moment, five new wind farms are being developed, each with a capacity of a whopping 700 megawatts. To give an idea: Every single farm can provide at least one million households with electricity. In the Energy Agenda presented by the former government last year, another seven wind farms at sea are planned, each with a capacity of 1000 megawatts.
 
Wind energy is "green", but in terms of cost price it cannot compete with fossil energy yet. For example, the operator of the Gemini wind farm north of the island Schiermonnikoog receives a minimum price of 19.6 cents for each kilowatt-hour (kWh) sold. This means that the market price, which is now slightly below the 4 cents, is supplemented by subsidy to 19.6 cents.
 
However, we are now approaching the end of the subsidy era. The first sign of this new trend was seen last year in the tenders for the first two Borssele wind farms near the coast of Zeeland. These were won by the Danish energy company Dong, with 25 percent market share a global leader, who put a bid of 7.27 cents subsidy per kWh produced. The market was flabbergasted: lower was not possible. Only a few months later, a consortium from Shell, Eneco and Van Oord broke a new record. They won the tender for the other two Borssele wind farms for a price of 5.45 cents subsidy per kWH.
 
Cost saving
Recently, it was announced that Dong also won tenders for the construction of two newly planned wind farms in Germany (OWP West and Borkum Riffgrund West 2) because the energy company no longer required any subsidy at all. Main reason: ever-bigger turbines are being developed. The Gemini Park, mentioned above, contains turbines with a power of 4 megawatts (MW). A turbine of 9 MW is currently being tested and Dong assumes that by 2024, turbines of at least 13 MW will be on the market. Bottomline: more power can be produced with less turbines, for a better price .
 
Once wind energy is "self-sufficient", this will also affect other technologies that generate green energy, such as solar and tidal energy. These technologies also are expected to be less costly in time: After all, subsidies will be granted less quickly if alternative energy can be generated with wind farms that do not need any subsidy at all.
 
Fact is, the dizzying price developments on the sea wind farm market are excellent news for service providers like Oceanteam Solutions. Never before, the prospects in the wind energy industry have been so promising and never before there were so many projects in the pipeline. Because for every new park, foundations must be constructed and cables must be laid to transport the generated electricity to the mainland. A challenging perspective, on the eve of the final breakthrough of wind energy at sea.
 
Interested in our cable solutions? You can find an overview of our services here.

Amazing views: CSV Bourbon Oceanteam 101 in operation


Amazing views: CSV Bourbon Oceanteam 101 in operation
Curious to know how it is on board of one of our construction support vessels? The crew of our CSV Bourbon Oceanteam 101 vessel made an amazing drone video of their work.
 
Click on below picture to watch the video:

The CSV Bourbon Oceanteam 101 is a construction support vessel (CSV). CSVs are used to support complex offshore construction, installation and maintenance operations. This vessel is 125 meters at length and offers accommodation for 120 persons. Its excellent seafaring capabilities, two major main cranes, auxiliary, provision crane, moon pool, significant free deck area and extensive accommodation enable CSV Bourbon Ocean 101 to be used for field support, construction, installation and IRM support. Oceanteam and Bourbon Offshore jointly own the construction support vessel.
 
Do you want to know more about our CSV Bourbon Oceanteam 101? You can find all specifications here. 

Diederik Legger appointed as a member of the Board of Directors


Diederik Legger appointed as a member of the Board of Directors
As per 31 July 2017, Mr. D. (Diederik) Legger (1969) has been appointed as a member of the Board of Directors of Oceanteam ("the Company"), the Norwegian-Dutch offshore service provider listed on the Oslo stock exchange.
Diederik Legger is a versed and practiced maritime professional. He has over 22 years of experience as a manager and consultant in the international shipping and offshore industry. He excels in Internal Organization, Restructuring and Recovery, Ship Finance, cross border M&A and Business Developments. 

Trained in Economics at Erasmus University in Rotterdam, he specialized in transport and logistics. His research into the container shipping industry, led him to work for various shipping banks in the Netherlands and abroad.

Later on he worked on the ''owner side'' in shipping companies such as the stock-listed Star Reefers and Orient Shipping Rotterdam. Diederik was one of the founding fathers (and CEO) of Rolldock; the Dutch heavy lift shipping company.


The link to the notice, published 13 July 2017: "Summons to appoint bondholder nominated director"

Solutions wins contract for supply vessel, equipment and services for cable transport and loadouts


Solutions wins contract for supply vessel, equipment and services for cable transport and loadouts
Following the letter of intent in May, Oceanteam Solutions (OTS) has recently signed a contract with a European cable manufacturer regarding the supply of a transport vessel, turntable and auxiliary equipment for the transport of cables from South Europe to Scandinavia. The project is planned to be executed in summer 2017.
Besides supporting the cable transport and loadout with a transport vessel and a turntable, Oceanteam will assist the multiple cable loadouts in the appointed ports by supplying equipment and a professional cable handling crew. The turntable system and auxiliary equipment will be loaded on the vessel at Oceanteam’s own quay facilities in Velsen Noord, the Netherlands, and subsequently will be shipped to South Europe. There, the cable will be spooled before heading to Scandinavia for the cable loadout.
 
Lex van Doorn, managing director at OTS, welcomes the new partnership. “We are happy that cable manufacturers have faith in our company. Needless to say, they can rely on our extensive know-how and experience in the cable handling and transport industry and our excellent equipment plus staff. We are looking forward to bringing this project to a successful conclusion together.”
 
Earlier this year, Oceanteam performed a cable loadout for another client. In this project, OTS was responsible for the supply of all quayside equipment (turntables, tensioners, quadrants, cable highways and a custom built splicing tent) including a team of supervisors, equipment operators and spoolers.
 
Oceanteam has a long track record in cable and umbilical services. Interested in Oceanteam’s cable transport and handling equipment and services? Find an overview of our cable solutions here.

Oceanteam Solutions wins contract to engineer and supply 2000T turntable for cable installer


Oceanteam Solutions wins contract to engineer and supply 2000T turntable for cable installer
Oceanteam Solutions has been awarded a long-term contract to supply a company that performs the installation of marine power cables with a 2000T demountable turntable including engineering and personnel services.
The mobilisation and demobilisation of the equipment onto client’s vessel will take place at Oceanteam’s own facility in Velsen Noord, The Netherlands. Furthermore, Oceanteam will accommodate professional operators for the complete project. The project is planned to be executed in summer 2017.
 
"Oceanteam Solutions has just renewed collaboration with this particular client, through which we have proved that the multi-year partnerships in our line of work are possible. We are very pleased to have won this contract and are convinced that one of the key factors of our successful collaboration is the trust that we’ve built," said Lex van Doorn, Managing Director of Oceanteam Solutions.
 
Oceanteam also supplied a cable laying spread to another client, which is still operational and under long-term contract. In this project, OTS was responsible for the engineering, supply and mobilisation of a 4000T demountable turntable and loading tower with built-in tensioner for a cable laying project in Germany.
 
Oceanteam has a long track record in cable and umbilical equipment and services, among them the cable laying spreads, cable transports and cable storage. Interested in what Oceanteam Solutions has to offer? Find an overview of our equipment pool here.

Construction Ain Dubai in full swing


Construction Ain Dubai in full swing
The construction of world's largest observation wheel, Ain Dubai, proceeds according to schedule. Under subsidiary KCI's project management, the local fabrication of all components has now been completed. The so-called 'A-frame' (legs and hub & spindle) is already installed.
Currently, the installation of the rim (the wheel itself) is in full swing. Five out of eight rim segments have already been installed, as well as a major part of the spoke cables. After installation of all rim segments, the remaining spoke cables will follow. By then, all temporary steel structures will be disassembled.
 
When the installation of the rim is completed and all temporary steel has been removed, the construction team will start with the installation of the capsules. The fabrication of the capsules is currently ongoing.
 
Engineering team on site
In Dubai, KCI is responsible for both the project engineering and the construction supervision of the observation wheel. KCI has a dedicated engineering team on site, that can find immediate solutions for any problem occurring during the construction phase.
 
Before Ain Dubai, KCI has been involved in the design of six wheels. With 260 meters in size, Ain Dubai will be the largest observation wheel in the world.
 
Read more about the challenging construction of Ain Dubai in this interview with KCI’s managing director: Marc Groenendijk.


 

Non-executive Director Bote de Vries steps down only two months after joining Oceanteam Board


Non-executive Director Bote de Vries steps down only two months after joining Oceanteam Board
Oceanteam ("the Company"), the Norwegian-Dutch offshore service provider announces that Mr. B. (Bote) de Vries (1958), who was appointed non-executive director during an EGM on 9 May 2017, has informed the Board of the Company and its bondholders to step down per 10 July 2017. This is only just two months after being on duty. Both have accepted his resignation. As from day one his particular responsibilities have required and will require more time than initially expected. Additionally, according to Mr. Bote de Vries, for now his role should be rather an executive role than a non-executive, since Oceanteam is still in the process of recruiting its new CFO.
As of today, Oceanteam and its bondholders will enter into reviewing several candidates to replace       Mr. Bote de Vries and at short notice expect to present a new board member candidate to its shareholders that represent its bondholders. Mr. Bote de Vries’ appointment was one of the conditional terms the bondholders imposed in order to come to a final deal regarding the new bond loan agreement that was approved by a majority of them at the end of April 2017.
 
Oceanteam's Chairman of the Board Mr. Hessel Halbesma says: "We have accepted Mr. De Vries' considerations and his one argument to resign, being a lack of time to keep the Company on track and implement our strategic roadmap. With regards to his knowledge and industry expertise it is a temporary setback to say goodbye already. We really have been looking forward to work with him. However, we are confident that our bondholders will take a decision very soon about their new candidate(s) board member to represent them in Oceanteam's Board."
 
 
Also read:
 
"Bote de Vries appointed as non-executive director"

KCI attends 7th International Conference Offshore Foundations


KCI attends 7th International Conference Offshore Foundations
KCI will be present at the 7th International Conference Offshore Foundations, organised by the IQPC from 4th to 6th July 2017 at the Swissotel in Bremen, Germany. This annual technical event for experts in the wind industry brings together professionals from across the foundation design, fabrication and installation supply chain.
The main goal of the event is to push forward technical development for future foundation concepts. Practical experience, current research and prototypes will be discussed in order to increase cost-efficiency and to take the next steps towards the full commercialisation of the industry.

Double Slip Joint
KCI professionals will be present promoting the company's extensive expertise in designing jackets for shallow water applications, and in monopiles for deep-water applications. In particular KCI's most recent innovation, the Double Slip Joint concept, will be in the spotlight.The Double Slip Joint (DSJ) is a smart alternative to large-scale or bolted connections between transition pieces and monopile foundations for offshore wind turbines. Last year, KCI won a subsidy from Dutch consortium Knowledge and Innovation, Wind at Sea (TKI - WoZ) for the further research & development of its promising DSJ concept.

Meet KCI in Bremen, for appointments or more information on KCI's expertise, please contact Dirk Pulles: renewables@kci.nl

Oceanteam ASA reports FY 2016 results


Oceanteam ASA reports FY 2016 results
Main financial indicators 2016

·       Operating income: USD 51.9 million
                     
·       EBITDA: USD 22.2 million   
                      
·       Operating loss:  USD  9.1 million

·       Net finance (negative): USD 11.9 million

·       Net profit (loss): USD 23.3 million

·       Additional adjustments (compared to Q4 2016 report):
        o       assets revaluation adjustment (negative): USD 17.8 million
        o       additional assets write off (negative): USD 1.0 million
Major events in 2016
  • Oceanteam ASA initiates financial restructuring through constructive dialogue with its banks and bondholders. The revised bond loan agreement was signed on 19 June 2017.
     
  • CSV Southern Ocean remains under contract by Fugro TS Marine Australia until end of 2018.
     
  • McDermott notified Oceanteam that they will exercise its option to purchase Oceanteam's 25 percent ownership in the vessel-owning company North Ocean 105 AS. The transaction was closed on 20 June 2017.
     
  • Finanstilsynet (Financial Supervisory Authority) has initiated an audit process on 31 August 2016, which was subsequently successfully closed during 2017. 

Oslo/ Amsterdam - 23 June 2017. After having passed the final resolution on 19 June 2017 with a majority of its bondholders on refinancing its bond loan agreement, the Dutch-Norwegian based offshore service provider Oceanteam ASA ("Oceanteam" or "Company") today announced its official FY2016 figures.

2016 revenues came in at USD 51.9 million and the Company recorded an EBITDA of USD 22.2 million, both of which met market performance forecasts in what were very challenging conditions. The Company maintains a significant share of its revenues from its Solutions division, which came in at 41 percent in 2016.

For Oceanteam, FY2016 was a combination of business as usual and preparing the Company for a future of high performance and returns, says CEO Haico Halbesma. "The management and the teams of our operating companies were very much focused on their day-to-day market opportunities and challenges. These included securing our vessel charter rates and current backlog and tendering for new contracts, especially in the field of equipment and engineering solutions. Additionally, they were exploring new opportunities in areas such as renewable energy and civil engineering."

In late October 2016, the Executive Board and management initiated proactive and constructive talks with Oceanteam's bondholders and banks to discuss a new capital foundation for the Company. On 19 June 2017, the Board passed the final resolution on new terms with the Company's bondholders through a qualified majority. "This final agreement reflects the firm belief held by all stakeholders in the future direction and proven track record of our Company. As we have stated earlier, this milestone embodies the joint and constructive efforts of all of our stakeholders (bondholders, banks, the Halbesma family as a major shareholder and the executive management team) to ensure the success of this deal and a future of growth", Haico Halbesma states.

As a result of this agreement and the executed sale of the Lay Vessel North Ocean 105, Oceanteam has secured the financing it needs and safeguarded its continuity as a going concern. In June 2017, the new bond loan agreement became effective. As a result the Company now has improved free cash flow and structural lower interest costs, creating a healthy foundation for further growth.


Business areas

Major events and developments (2016)
  • CSV Southern Ocean will remain under contract by Fugro TS Marine Australia until the end of 2018 and has options for extension.
     
  • CSV Bourbon Oceanteam 101 has completed a dry dock period and started a new time charter contract in Angola.
     
  • Diavaz-Oceanteam Shipping (DOT) postpones the delivery of the CSV Tampamachoco 1 for one year, with an option to delay for a second year.

Major subsequent events (2017)
  • Oceanteam signs and executes bond loan agreement in June 2017.
     
  • JV Fleet refinancing is expected to be finalised by end of June 2017.
     
  • McDermott exercised its option to purchase Oceanteam's 25 percent ownership in the vessel-owning company North Ocean 105 AS. The transaction was closed on 20 June 2017.

Oceanteam Shipping

Operations North Ocean fleet

CSV Bourbon Oceanteam 101: CSV Bourbon Oceanteam 101: after successfully completing a long-term charter with Oceaneering and BP Angola, the vessel underwent SPS and certain upgrade in dry dock and the vessel started on a new time charter contract in Angola for TOTAL SA. The contract is for a period of three years plus options. The terms remain confidential, but the new charter rate reflects the current rate levels within the market.

CSV Southern Ocean: which has been on long-term bareboat charter with Fugro TSM Australia since its delivery in 2010. The vessel will remain under contract by Fugro TS Marine Australia until the end of 2018 and has options for extension.  

Lay Vessel North Ocean 105: was delivered in 2012 and has since been on a contract with McDermott International and operates globally as a pipe layer. McDermott exercised its option to purchase Oceanteam's 25 percent ownership in the vessel-owning company North Ocean 105 AS. The transaction was closed on 20 June 2017.

Oceanteam Mexico SA de CV operates two Fast Support Vessels (FSV's), Tiburon and Mantarraya. Tiburon and Mantarraya are still under bareboat charter with Inversiones Setin. However, since Inversiones Setin is in breach of its obligations under the contract and the Company has not received the charter hire due thereunder, the Company has started legal proceedings against Inversiones Setin. The outstanding receivable balance in the amount of USD 0.4 million has been written off as doubtful debt as part of 4Q 2016 financial reporting.  An impairment loss in the amount of USD 1.1 million has been provided during 4Q 2016 leaving the total net book value for these assets in the amount of USD 2.6million. Oceanteam management is closely monitoring the situation and is taking the necessary measures to preserve the value of these assets.


DOT Shipping

In March 2014, Oceanteam took a 40 percent stake in the newly founded joint venture DOT Shipping together with Diavaz. DOT Shipping successfully delivered two FSV new builds, named Icacos and Cobos, in Q4 2014. Both vessels are fully financed and have been operational in the Mexican market since March 2015, where they operate under a seven year firm time charter contract with three one-year options for extension.

DOT Shipping has a 50 percent stake in a large new-build construction support vessel, named Tampamachoco 1, which is ready but DOT deferred this vessel delivery with 1 year plus option for another year possible delay.


Oceanteam Solutions

Oceanteam Solutions is specialised in building demountable turntable systems that easily can be delivered in 40ft containers to all ports globally. The company designs and produces turntables in various sizes, for onshore and offshore use and for a variety of cables, umbilicals, pipes or flowlines. The Company provides full engineering design and consultancy services to clients in the oil and gas and renewables industries. Oceanteam Solutions can also provide services for complex structures both onshore and offshore. With the in-house engineering experience and expertise, clients can contract the most effective vessel and equipment solutions for their projects. Over the years Oceanteam Solutions has built up a broad client base worldwide, to which the company successfully supplies equipment and supports the client's offshore cable, pipeline and umbilical installations, transport and storage projects. From our base with deep-water quayside facilities in Velsen-Noord, the Netherlands, the company can accommodate all sizes of vessels for mobilisation and demobilisation with easy access to the North Sea.

Main operational projects Oceanteam Solutions (2016)
  • Supplying demountable turntables and auxiliary equipment for the multiple transport of cables from Asia to Europe.
     
  • Supply of 4000T and 1100T turntables and equipment for the storage, splicing and multiple loadouts at Oceanteam's base in Velsen (the Netherlands).
     
  • The company entered a framework agreement to supply the client with future equipment, transport and storage solutions, in addition to a major lay spread contract.
     
  • Multiple cable storage contracts.
     
  • Various multi-discipline design engineering contracts.
     
  • World's largest Ferris Wheel design, construction, lifting support continues to create significant amount of work.
     
  • Phase 1 Offshore Wind Park design in China completed and commenced phase 2.
     
  • Solutions has been awarded with a subsidy from TKI-WoZ for the further research and development of its Double Slip Joint (DSJ) concept.

Market outlook

Leveraging capabilities. The oil and gas market is expected to remain challenging for the coming period. However, the Company's early focus on offshore renewables, engineering and logistics solutions, plus its expansion in certain geographical areas will help Oceanteam to safely navigate the current market low as well as the structural changes in the oil and gas market. Oceanteam is also in the process of creating new revenue sources in the fields of civil engineering and offshore-related logistic solutions, making use of the same core capabilities that have made Oceanteam the distinguished niche player it is known as today.

Long-term commitment. The bondholders are continuing their support as significant capital providers of the Company. As part of the new agreement they have underlined the importance of maintaining continuity within and around the Company and improving it in a structured way. This will include keeping in place the existing executive and operational management, realising a slimmed-down cost structure and appointing a bondholder representative to the Board on 9 May 2017.

Purpose. Oceanteam operates in a complex environment and executes complex projects, which require a clear day-to-day commitment to safety, quality and operational details. Even though the Company has gone through a turbulent period, the Oceanteam staff and employees have never failed their commitments to clients and have never lost sight of new market opportunities. Oceanteam has a strong track record of delivering projects successfully under all circumstances and 2016 has been no exception. The Company has started and completed numerous projects, it has built new backlog, aligned its finances and laid a new foundation for the future.

Believe and trust. To date, Oceanteam's Board has made a constructive effort to reach the recent new agreement with the Company's bondholders. Mr. Hessel Halbesma (Chairman) and Haico Halbesma (CEO), as founders, main shareholders and Board members, have made personal commitments i.e. they have deferred significant due payments to themselves and, contrary to the new terms proposed by the bondholders, shared at least 50 percent of the Management Incentive Programme with various group companies and key personnel.

This effort reflects the strong belief the Board has in the present business opportunities and the Company's people to push their horizons of entrepreneurship.


Amsterdam/ Oslo, 23 June 2017

Executive Management and Board
 

ANNUAL REPORT 2016

Oceanteam ASA closes sale of 25% stake in North Ocean 105 to McDermott


Oceanteam ASA closes sale of 25% stake in North Ocean 105 to McDermott
Today, Oceanteam and its joint venture partner McDermott closed the sale of Oceanteam's remaining 25 percent stake in vessel-owning company North Ocean 105 AS.

 
The proceeds of this sale will be used for repayment of certain lenders and vendors upon such funds becoming available. The funds are being released in the week following the Company's bond refinance becoming fully effective. Oceanteam shall then carry this process forward instantly.

Through this sale another important step in Oceanteam's financial restructuring plan has been taken and this will allow the Company to further develop its existing market activities and to take advantage of new business opportunities.


Also read:

"Oceanteam and bondholders sign new bondholders agreement as part of Company's refinancing process"

"Oceanteam ASA reaches agreement with majority of bond holders on refinancing of bond loan agreement"

"McDermott to exercise its option to purchase PLV North Ocean 105"

Bote de Vries appointed as non-executive director


Bote de Vries appointed as non-executive director
​Mr. B. (Bote) de Vries (1958) has been appointed as Director of the Board of Oceanteam (“the Company”), the Norwegian-Dutch offshore service provider listed at the Oslo stock exchange. Mr. de Vries succeeds Mr. James Hill who stepped down and who has been a Director on Oceanteam’s Board since 2012.
The appointment of Mr. De Vries was approved by Oceanteam’s shareholders during an EGM on 9 May 2017. Mr. De Vries, working as an independent consultant for Finamar BV, has a vast experience in the financial sector and offshore-related industry. He holds a Master’s degree in Law from the University of Leiden (The Netherlands). Currently, he is also a non-executive board member of Artilium (London, UK) and of Lloyds Fonds AG (Hamburg, FRG) as well as a board member of Golden Close (Bermuda) and North Atlantic Drilling Limited (Bemuda). Mr. de Vries does not hold any shares in the Company, directly or indirectly.
 
Oceanteam’s CEO Haico Halbesma says: “Mr. De Vries was presented to us by our bondholders. His appointment was one of the conditional terms the bondholders imposed in order to come to a final deal regarding the new bond loan agreement that was approved by a majority of them at the end of April 2017. We look forward to working with him. And at the same time we welcome Mr. de Vries as a Director, we say goodbye to Mr. James Hill who has contributed a great deal to the strategic direction Oceanteam has taken and the course it has kept under very severe market circumstances during the past years. We owe him a lot in this respect.”

 
Per 15 May 2017, the Oceanteam Board of directors consists of the following members:

•           Mr. Hessel Halbesma –chairman
•           Ms. Catharina Pos -director
•           Mr. Bote de Vries  –director
 

Also read:

“Minutes from Extraordinary General Meeting and appointment of new director of the Board”
 
“Oceanteam reaches agreement with majority of bondholders on refinancing of bond loan agreement”

Oceanteam Solutions present at Offshore Wind Energy 2017


Oceanteam Solutions present at Offshore Wind Energy 2017
June 6th till 8th ExCel Exhibition Centre in London will be hosting thousands of leading and emerging players in the wind energy sector from all over the globe. This makes Offshore Wind Energy 2017 the largest offshore wind conference and exhibition in the world.
Offshore wind energy continues to grow more indispensable to Europe’s energy mix. It is vital that key players in this sector have the opportunity to exchange ideas, establish partnerships, and further advance the tremendous gains made by this industry in recent years.
 
According to the hosting parties, WindEurope and RenewableUK, attendees will get a global, first-hand view of the trends and the technologies, the opportunities and the challenges facing the offshore wind sector both now and going forward. During the conference sessions current industry topics will be discussed, including environmental impacts & special planning, finance, supply chain logistics, health & safety, market developments, resource assessment and turbine technology.
 
Also a high-level panel of industry decision-makers will discuss the market outlook for offshore wind, focussing on the outlook in European offshore wind markets, trends in international markets, the ongoing consolidation among industry players and the impact of auction systems on offshore wind markets.
 
At Offshore Wind Energy 2017 Oceanteam Solutions (OTS) will inform visitors on its cabling transport and handling services. OTS offers complete cabling services like storage, handling and transport. OTS owns specialised equipment, offers experienced cable handling crews and owns a hub that is suitable for ship-to-ship and ship-to-shore cable transfers. Besides offering the whole service package, the company also rents out turntables and cable transfer equipment to contractors. Furthermore, OTS can arrange cable transport to and from any port worldwide; on behalf of its clients OTS selects, charters and manages vessels.
 
Unlike many other companies, Oceanteam Solutions can also provide long-term and short-term onshore cable storage, with easy access to the North Sea.
 
OTS' stand can be found at booth N-E70. Please feel free to join us for more information and a cup of coffee. Appointments can be made with Saskia Tans, via: saskia@oceanteamsolutions.com.

Solutions receives LOI for supply of vessel, equipment and services for cable transport


Solutions receives LOI for supply of vessel, equipment and services for cable transport
Oceanteam Solutions has received a letter of intent from a cable producer in Europe to award a contract for the supply of a vessel, turntable and auxiliary equipment for the transport of cables from South Europe to Scandinavia to be executed in summer 2017.
Oceanteam will also assist during the cable load outs in the appointed ports by supplying professional cable handling crew and equipment. The turntable system and auxiliary equipment will be loaded on the vessel at our own facilities in Velsen Noord, The Netherlands and shipped to South Europe for transpooling of the cable before heading to Scandinavia for the cable loadout.
 
The final contract will be concluded the upcoming months when more details will be shared. Both parties are looking forward working together on this exciting project.

Oceanteam Solutions wins long-term contract to supply 5300T and 1100T turntables for cable storage


Oceanteam Solutions wins long-term contract to supply 5300T and 1100T turntables for cable storage
Oceanteam Solutions has been awarded a long-term contract to supply a company that provides cables and systems for energy and telecommunications with port facilities, loadouts and storage of cables at Oceanteam’s own cable storage facility in Velsen Noord, The Netherlands. Furthermore, Oceanteam will accommodate a professional cable handling crew, engineering services and equipment for the complete project.
For this new long-term storage project, Oceanteam delivers two demountable carousels of which one will be upgraded and customised from 4000t to 5300t, according to the client’s cable specifications. Spooling operations will start later this month and will be performed by our experienced cable handling crew.

Our cable storage facility is situated immediately behind the North Sea locks of IJmuiden, in the direct proximity of Amsterdam. The harbour is only 1.5 NM inward from sea and berths are safe and free of tidal movement. Another major benefit of the area is the easy accessibility for all modalities, such as good shipping possibilities to the inlands of Europe. Cable storage units (static tanks, turntables, cable baskets, reels) can be placed at every desired position and in every size.

"We are very pleased with this contract and we are happy to have the opportunity to welcome one of the biggest cable manufacturers to our storage facility. It shows that our unique one-stop shop, that combines engineering know-how, professional cable handling crews and special purpose equipment, fulfils our clients’ high expectations,” says Lex van Doorn Managing Director of Oceanteam Solutions.

2016 Dutch OFS Survey: opportunities and challenges


2016 Dutch OFS Survey: opportunities and challenges
At this year’s Oil & Gas Industry Forecast event, EY presented the 2016 Results Dutch Oilfield Services (OFS) Analysis. In this industry analysis EY looks into the financial results of 2016 and discusses the dynamics of the industry going forward. Conclusion: the oil and gas market remains challenging and companies should seize the opportunities in the offshore wind industry.
Though oil prices have gradually crept up over the recent period, the market is still sluggish and the short-term outlook remains bleak. Everyone is convinced that the market will pick up again – but when? This question, amongst others, was the central theme of the 2017 Oil & Gas Industry Forecast event, this spring at STC Rotterdam.
 
One of the keynote speakers was Guillaume Petit of EY, who presented the 2016 Results Dutch Oilfield Services Analysis. Main conclusion: The continued low oil price obviously had a negative effect on the Dutch OFS industry in 2015. Compared with 2014, revenues decreased in the reservoir & seismic segment, the exploration and production drilling segment and the engineering, procurement and construction segment. The data available over 2015 show an overall decrease of 5% in revenues generated by the Dutch OFS industry compared with 2014, dropping to a total of 24.7 billion euro.

The Operations segment however showed positive results in 2015, a 2% increase in revenue compared with 2014, totalling 8.2 billion euro. Since this segment is at the end of the cycle, it is the last to show the adverse effect of the oil price remaining low, with order books providing work over the course of 2015. The EY data however, does appear to show stabilised margins in absolute terms in 2015, indicating a decrease in relative profitability.
 
The overall decrease in revenues explains why less people were employed in the Dutch OFS industry than in 2014. Despite all this, Petit stressed that the OFS industry remains an important factor in the Dutch economy with a strong heritage and an excellent reputation across the globe.
 
Looking forward: offshore wind farms as a major opportunity
To operate in a sustained low oil price environment, EY identified four opportunities for OFS companies. On pole position are offshore wind farms, being a crucial part of sustainable energy policies around Europe. The construction and operation of these farms are similar to activities already deployed by the OFS industry. Dutch OFS companies can therefore easily implement their current product and service offerings to accommodate the offshore wind industry.

The Dutch OFS industry can also take a leading role in decommissioning activities on the DCS. Especially the Rotterdam area, with its resources and infrastructure, has the opportunity to become Europe’s leading hub for decommissioning oil platforms.
Reducing costs and increasing efficiency have resulted in innovative technologies throughout the sector. Digital innovations, like drones, IT data management and Internet of Things technology, and physical like new materials for pipelines. The Dutch OFS industry has great potential to implement new, innovative technologies leveraging its strong heritage and the entrepreneurial and innovative spirit of hundreds of smaller OFS companies.

And last but not least, strategic collaboration agreements and mergers between OFS companies and operators illustrate a fundamental shift in the operating model. Operators and suppliers are working together as one integrated or aligned team to reduce costs and gain efficiencies.
 
Oceanteam’s renewables activities
While the oil and gas market remains challenging, Oceanteam already has a strong focus on offshore renewables, engineering and logistics solutions. Furthermore, Oceanteam is in the process of creating new revenue sources in the fields of civil engineering and offshore-related logistic solutions, making use of the same core capabilities that have made Oceanteam the distinguished niche player it is known as today.
 
Here, you can find an overview of our cabling solutions and engineering services for offshore wind farms.

McDermott exercises option to purchase PLV North Ocean 105


McDermott exercises option to purchase PLV North Ocean 105
Oceanteam received the written notice from its joint venture partner McDermott in which it commits to purchase Oceanteam's remaining 25 percent stake in the vessel-owning company North Ocean 105 AS on 20 June 2017.
This is in line with the structure of the amended bond agreement that was executed during the bondholders' meeting held on 2 May 2017 and is another important step in Oceanteam's financial restructuring plan.

Oceanteam has already agreed that the proceeds of this sale will be used for repayment of vendors and certain lenders upon such funds becoming available.

Also read:
 
“Oceanteam and bondholders sign new bondholders agreement as part of Company’s refinancing process”
 
“McDermott to exercise its option to purchase PLV North Ocean 105”

Oceanteam and bondholders sign new bondholders agreement as part of Company’s refinancing process


Oceanteam and bondholders sign new bondholders agreement as part of Company’s refinancing process
Today, a bondholders’ meeting took place where the amended and restated bond agreement (the “Bond Agreement”) between the bondholders and Oceanteam was agreed and executed.
The Bond Agreement includes the repayment of the bond in full, the extension of the loan maturity, use of proceeds of the sale of share in North Ocean 105 and a major adjustment of interest costs concerned without offering any equity.
 
In order for the Bond Agreement to become effective among others, the following conditions precedent need to be fulfilled:
 
a: Liens in favor of bondholders on all operating assets;
b: Approval of amendment to the articles of association of Oceanteam and appointment of directors by an extraordinary general meeting of shareholders of Oceanteam; to be held 9th May 2017 with the support of the Halbesma family (shareholder undertaking);
c: Appointment of a Management Consultant to review Company's cost structure.
 
North Ocean 105 sale proceeds:
 
As announced earlier this year, Oceanteam and its bondholders have also agreed that the proceeds from the sale of Oceanteam’s 25 percent share in the company North Ocean 105 AS, owner of the vessel North Ocean 105, will be blocked for repayment of Oceanteam’s vendors and secured lenders immediately upon such funds becoming available and the Bond Agreement becoming effective.
 
Oceanteam ASA joint venture partner McDermott announced in its Q1 report issued 26th April 2017 under form 10-Q, chapter “North Ocean Financing” that it is required to exercise its option to purchase Oceanteam ASA 25 percent ownership interest in North Ocean 105 AS in Q2 2017.

Also read:
 
“Oceanteam ASA reaches agreement with majority of bond holders on refinancing of bond loan agreement”
 
“McDermott to exercise its option to purchase PLV North Ocean 105”

Oceanteam attends OTC 2017


Oceanteam attends OTC 2017
From 1 to 4 May, the Offshore Technology Conference (OTC) takes place in Houston. OTC is where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters. OTC is the largest event in the world for the oil and gas industry featuring more than 2,300 exhibitors, and attendees representing 100 countries. 
At OTC, Oceanteam will inform visitors about the unique one-stop shop service it provides. Oceanteam is among the few companies in the world that combines both high-end engineering know-how, shipping expertise and special purpose equipment, into a single service to support a wide range of offshore cable, pipeline and umbilical installations, transportation and storage projects.
 
Oceanteam provides complex offshore support by building and operating a fleet of large and advanced offshore vessels and establishes strong (local) partnerships and strategic alliances to ensure continuity in the growth of its clients' assets and services.
 
Over the years, Oceanteam has developed from a company that merely owns and charters vessels, into a multi-solutions provider for offshore oil and gas platforms and offshore renewable projects.
 
Please feel free to contact us for a meetup with the CEO. Appointments can be made with Saskia Tans: saskia@oceanteamsolutions.com.
 
Also read: “Beyond the horizon: overview of our products and services”

Oceanteam attends Breakbulk Europe 2017


Oceanteam attends Breakbulk Europe 2017
April 25th and 26th Breakbulk Europe takes place in the Antwerp Expo in Belgium. Breakbulk is a networking event and conference for offshore shipping professionals, like cargo owners, ocean carriers, freight forwarders, ports/terminals, heavy haulers and equipment companies like Oceanteam Solutions (OTS). The exhibition counts over 7,600 participants and 400 exhibitors. OTS will attend the exhibition for the third time in a row.
At Breakbulk, Oceanteam Solutions (OTS) will inform visitors on its cabling transport and handling services. OTS offers complete cabling services like storage, handling and transport. OTS owns specialised equipment, offers experienced cable handling crews and owns a hub that is suitable for ship-to-ship and ship-to-shore cable transfers. Besides offering the whole service package, the company also rents out turntables and cable transfer equipment to heavy cargo companies that lack equipment. Furthermore, OTS can arrange cable transport to and from any port worldwide; on behalf of its clients OTS selects, charters and manages vessels
 
Unlike many other companies, Oceanteam Solutions can also provide long-term and short-term onshore cable storage, with easy access to the North Sea.
 
OTS' stand can be found at hall 2 stand 422. Please feel free to join us for more information and a cup of coffee. Appointments can be made with Saskia Tans, via: saskia@oceanteamsolutions.com.
 
Also read: “Oceanteam successfully performs two cable loadouts”

Oceanteam ASA reaches agreement with majority of bond holders on refinancing of bond loan agreement


Oceanteam ASA reaches agreement with majority of bond holders on refinancing of bond loan agreement
Following the announcement of Oceanteam ASA ("Oceanteam" or "Company") on 12 January 2017 having reached an understanding with its bondholders on refinancing its current bond loan agreement, the Norwegian-Dutch offshore service provider with a listing on the Oslo Stock Exchange, today announces it has made the next step forward by reaching an agreement with a qualified majority of its bond holders on the main terms of the bond loan concerned.
This final agreement is the end result of the constructive talks the Company has had with its banks and its bond holders as from the moment it announced its financial restructuring in October 2016.  The agreement encompasses the repayment of the bond in full, the extension of the loan maturity and a major adjustment of interest costs concerned. However, it does not include any equity offering. As announced earlier this year, both the Company and its bondholders have also agreed that the upcoming proceeds from the sale of shares in the Company's vessel North Ocean 105 will go towards repayment of vendors and of secured lenders of Oceanteam.

Oceanteam's board and management say it is a critical milestone towards creating a stronger financial foundation. "The progress and developments made so far including the continued support provided by the Halbesma family as main shareholders, show the commitment and strong belief in the future success of Oceanteam. It will allow the Company to further develop its current market activities, to take advantage of new business opportunities and allow us to build long-term value for the benefit of all Oceanteam's stakeholders and employees."

The next steps forward to complete and effectuate the agreement with bondholders include a bondholder meeting scheduled on 2 May 2017 and a EGM on 9 May 2017.

Also read:

Bondholders' summit

Notice of EGM
 

Press releases:

Oceanteam ASA reports revenues of US$ 11.2 million in fourth quarter 2016

McDermott to exercise its option to purchase PLV North Ocean 105

Oceanteam ASA reaches understanding with bond holders on refinancing current bond loan agreement

Extension scope KCI for Chinese Offshore Wind contract


Extension scope KCI for Chinese Offshore Wind contract
Bejing based Huadian Heavy Industries has extended KCI's scope for the Offshore Wind contract that was awarded last December. Next to the design review, fabrication preparation, load out and installation engineering of an offshore substation, KCI, part of Oceanteam Solutions, will now also take care of the pile drivability analysis. 
The project for Huadian Heavy Industries, is KCI’s first assignment in China. Last year, Oceanteam Solutions and KCI announced their plans to enter the Chinese market, in collaboration with OFFCO. OFFCO is has a strong track record in Chinese renewables projects and is well connected with the country’s leading Offshore Wind Energy Developers.
 
Nowadays, China is world’s biggest investor in renewable energy. Earlier this year, China’s National Energy Administration (NEA) announced major investments in renewable power generation in the coming years. As a result, the Chinese market offers countless opportunities for engineering firms that focus on wind power projects, like KCI. 
 
Here, you can find more information about KCI’s Renewables division.

Oceanteam moves into new office in Amsterdam


Oceanteam moves into new office in Amsterdam
As of April third, Oceanteam will move into a new office in Amsterdam. The new office is located at Westerdoksdijk, an A-location in the city centre, close to Amsterdam Central Train Station. At the same time, Oceanteam Solutions (OTS) will move into a larger building on their own base in Velsen-Noord. Both relocations will give Oceanteam room for future growth.
The relocation of Oceanteam’s employees into a new office in Amsterdam is part of the cost reduction program.. The company is bringing overhead costs in line with current market circumstances. Oceanteam’s new office is located in a more efficient building, next to the IJ lake, and is very easy accessible by public transport and by car (A10).
 
Room for serious ambitions
Oceanteam Solutions, on the other hand, will use the new building in Velsen primarily to facilitate growth. Over the past years, the company has been growing continuously and it was literally bursting at the seams. The new office facilitates OTS to accommodate more employees and to meet clients. Lex van Doorn, Managing Director at OTS, says: “Over the last couple of years OTS has evolved from a equipment rental company into a full service solutions provider. As a result we need considerably more office space. We are glad that our new facility gives us room for our current projects and to achieve our ambitions.”
   
New address
Oceanteam
Westerdoksdijk 473
1013 BX Amsterdam
The Netherlands
Tel : +31205357570
 
OTS’s address will remain the same
Concordiastraat 84
1951 AS Velsen Noord
The Netherlands


You can find an overview of our contact details here.

Europe’s renewable energy mainly comes from wind


Europe’s renewable energy mainly comes from wind
Renewable energy accounted for 6.7% of worldwide electricity generation in 2015, aggregated at just over 24,000 terawatt-hours. More important: the proportion that comes from wind, geothermal, solar, biomass and waste is growing fast. Alone in 2015 it increased by 213 terawatt-hours, roughly equivalent to the total increase in global power generated. And in Europe it is wind turbines that dominate the scenery, The Economist's data team recently concluded. 
Europe accounts for two-fifths of global renewable-energy generation, and most of it origins from wind turbines. Especially countries that can benefit of the prevailing weather from the North Sea and the Atlantic Ocean are investing heavily in giant propeller turbines, most often offshore. Germany is leading the way, The Economist writes. With an increase of power generated from wind turbines of 53.4% in the past year, half of Germany’s renewable energy now comes from wind.
 
Given the plummeting installation costs and the rising energy efficiency of the next generation propeller turbines, Oceanteam CEO Haico Halbesma predicts a strong further growth of the offshore wind market – and not only in Europe. “We are more than ready for this development”, Halbesma says. “Through our close co-operation with subsidiary KCI, we can provide both existing and new players with a complete package of renewables engineering and consultancy services, together with specialised marine equipment and cable handling expertise.”
 
Oceanteam offers solutions for cable transport, handling and storage specifically tailored for wind energy projects and KCI can assist offshore wind developers and EPIC contactors during field development.

Oceanteam successfully performs two cable load-outs


Oceanteam successfully performs two cable load-outs
Last year, Oceanteam Solutions (OTS) won a contract for the engineering and supply of a 4000T and a 2000T turntable to accommodate the storage and multiple load-outs of subsea cables. OTS executed the first cable load-out in December, followed by the second in February. OTS expects the project to be completed by the end of this month.  
In December, Oceanteam spooled a cable from a barge based turntable to the OTS 4000T turntable on the quay. This is a complex operation undertaken on a 24/7 basis. OTS was responsible for the supply of all quayside equipment (turntables, tensioners, quadrants, cable highways and a custom built splicing tent) as well as qualified supervisors and equipment operators to manage the operation, assisted by ‘spoolers’ that accompany the cables into the turntable.
 
Last month, OTS successfully performed a similar load-out for the same client, this time into a 2000T turntable. At the moment, both cables are being connected (spliced) by spooling the cable ends into a splicing tent. After splicing, the combined cable will be spooled onto the 4000T turntable and thereafter onto the cable laying ship. After that, the cable is ready to be laid on the seabed. 

Complex procedures
Lex van Doorn, managing director Oceanteam Solutions: “The process of cable handling, load-outs and splicing may sound like an easy job, but in fact it consists of a series of very complex and time consuming procedures. We are very happy that we managed to perform both load-outs successfully and are looking forward to complete this project by the end of the month.”

China takes major steps in renewable power generation


China takes major steps in renewable power generation
China’s National Energy Administration (NEA) recently announced major investments in renewable power generation in the coming years, the Guardian reports. The NEA expects the installed renewable power capacity including wind, hydro, solar and nuclear power to contribute to about half of new electricity generation by 2020. This again is a clear sign that world’s largest energy market continues to shift away from coal power towards cleaner fuels.
The agency did not disclose any details on where the funds, which equate to about 70bn dollar each year, will be spent. Yet, the National Development and Reform Commission, the country’s economic planner, said in its own five-year plan about 100bn dollar will go towards wind farms and 72,5bn to hydro power.
 
As we reported earlier, at the moment China is world’s biggest investor in renewable energy, including wind energy projects. As a result, the Chinese market offers enormous opportunities for wind turbine suppliers, offshore solution providers and engineering firms, like Oceanteam Solutions and KCI. 
 
According to Haico Halbesma, CEO at Oceanteam, this is only the beginning as China still faces huge challenges phasing out coal power. “The country is really focusing on renewable power generation, but nevertheless renewables will still only account for just 15% of overall energy consumption by 2020”, Halbesma says. “More than half of the nation’s installed power capacity will still be fuelled by coal over the same period. In short, the importance of the Chinese renewable energy market in the coming decades can hardly be overestimated.”
 
Oceanteam Solutions and subsidiary KCI have already taken their first steps into the Chinese Market, in collaboration with OFFCO. As a result, KCI recently won a first offshore wind contract . 

Beyond the horizon: overview of our products and services


Beyond the horizon: overview of our products and services
At Oceanteam, we find that not everyone has a clear picture of who we are and what we do. This is quite understandable, as we have developed over the years from a company that merely owns and charters vessels, into a multi-solutions provider for offshore oil & gas platforms and offshore renewable projects, including cable laying, transport and solutions, equipment rental and engineering.

For your overview, we have managed to capture al our different products and services in one frame. 
Beyond the horizon: overview of our products and services Indeed, even today we are broadening our horizons, providing support to complex onshore projects as well, like the design and engineering of large observation wheels. Currently, for instance we are supporting the construction of Ain Dubai, world’s largest observation wheel. Complex design and logistics are the common denominator here. With years and years of experience, skills that we fully master. 
 
For more detailed information on our vessels, solutions and engineering services, please visit our company websites or contact Lex van Doorn  (Solutions) or Mathieu Feisthauer (Shipping)

Oceanteam ASA reports revenues of US$ 11.2 million in fourth quarter 2016


Oceanteam ASA reports revenues of US$ 11.2 million in fourth quarter 2016
Oslo/ Amsterdam – 28 February 2017. Oceanteam ASA has recorded US$ 11.2 million revenues from operations and an EBITDA of US$ 2.8 million in the fourth quarter of 2016. Although faced with a nett loss of US$ 3.1 million in the fourth quarter of 2016, the Dutch-Norwegian offshore service provider is fully on track for future growth, says CEO Haico Halbesma who reached an agreement on new terms with its bondholders after 2016 year ending. As a result, Oceanteam ASA, will have a significantly improved free cash flow and structural lower interest costs as from January 1st 2017, creating a healthy foundation for further growth.
Financial restructuring creates new foundation for future growth

Main financial indicators Q4-2016

  • Revenues from operations US$ 11.2 million
  • EBITDA: US$ 2.8 million
  • Profit from operations: US$ - 1.5 million
  • Net finance (negative): (US$ 2.4 million)
  • Net profit/ (loss): (US$ 3.1 million)

Major events in Q4- 2016

  • Oceanteam ASA appointed Wilhelm Bøhn (48) as CFO
  • Oceanteam ASA initiates financial restructuring through constructive dialogue with its banks and bondholders
  • Simultaneously, the company informed bondholders of the deferral of interest payment on Senior unsecured Bond

In the fourth quarter 2016 (hereafter indicated as Q4), the Company's operations met performance forecasts under very challenging market conditions. The company also made solid progress in terms of increasing the share of revenues from its Solutions division, which came in at 40% in Q4 underlining the success of its market diversification strategy.
 
For Oceanteam, Q4 was a combination of business as usual and preparing the company for a future of high performance and returns. "The management and the teams of our operating companies were very much focused on their day-to-day market opportunities and challenges. These included securing our vessel charter rates and current backlog and tendering for new contracts, especially in the field of equipment and engineering solutions. Additionally, they were exploring new opportunities in areas such as renewable energy and civil engineering.
 
In late October 2016, the Executive Board and management initiated proactive and constructive talks with our bondholders and banks to discuss a new capital foundation for the company.

Wilhelm Bohn, recently appointed as CFO of Oceanteam ASA, comments: "We expect to announce the new terms we have since agreed with our bondholders shortly after the publication of the Q4 press release and Q4 report. We believe the new agreement reflects the firm belief all the stakeholders involved have in the future direction and proven track record of our company. Thanks to the agreement with its bondholders and including the sale of the North Ocean 105 (expected effective no later than 1 May 2017), Oceanteam ASA has secured the financing it needs and safeguarded its continuity as a going concern."
 

Business areas

The current state of the Oil & Gas market is expected to remain challenging for the coming period, according to the Company. 
 
"However, our early focus on Offshore Renewables, Engineering & Logistic Solutions, plus our  expansion in certain geographical areas, will help the company to safely navigate the current market low, as well as  the structural changes in the Oil & Gas market", comments CEO Halbesma. "We are also in the process of creating new revenue sources in the field of civil engineering, offshore-related logistic solutions, while using the same core capabilities that have made Oceanteam the distinguished niche player it is known as today.
 

Major events and developments (Q4 - 2016)

  • Fugro NV retains charter contract on CSV Southern Ocean rather than transfer it to a subsidiary of Fugro NV
  • Oceanteam's subsidiary Diavaz-Oceanteam Shipping (DOT) has come to an agreement with seller Pacific Radiance to postpone the delivery of the CSV Tampamachoco 1 (T1) for one year with option for second year.
 

Major subsequent events (Q1 - 2017)

  • Oceanteam ASA reaches an understanding with its bondholders on the main terms of the bond loan.
  • Oceanteam releases joint-venture partner McDermott  intention to utilize its option to exercise its option to purchase Oceanteam's 25% ownership in the vessel-owning company North Ocean 105 AS by the end of April 2017.
 

Oceanteam Shipping

Operations North Ocean fleet 

 
CSV Bourbon Oceanteam 101: after successfully completing a long-term charter with Oceaneering and BP Angola, has completed a dry dock period and started a new time charter contract in Angola. The contract is for a period of three years plus options. The terms remain confidential, but the new charter rate reflects the current rate levels within the market. 
 
CSV Southern Ocean:  has been on long-term bare boat charter with Fugro TSM Australia since its delivery in 2010.  The vessel will remain under contract by Fugro TS Marine Australia until the end of 2018 and has options for extension.

Lay Vessel North Ocean 105 was delivered in 2012 and has since been on a five-year contract with McDermott International and operates globally as a pipe layer. 
 
Oceanteam Mexico SA de CV operates two Fast Support Vessels (FSV's), the Tiburon and Mantaraya. The vessels are currently available, will go into dry dock and will be ready to commence new contracts by May 2017.
 

DOT Shipping

In March 2014 Oceanteam took a 40 percent stake in the newly founded joint venture DOT Shipping together with Diavaz. DOT Shipping successfully delivered two FSV newbuilds, named Icacos and Cobos, in Q4 2014 that immediately began operating in Mexico. Both vessels are fully financed and have been operational in the Mexican market since March 2015, where they operate under a seven- year firm time charter contract with three one-year options for extension. 

DOT Shipping has a 50 percent stake in a large new-build construction support vessel, named Tampamachoco 1, which is ready but DOT deferred delivery with 1 year plus option for another year delay.. 
 

Oceanteam Solutions 

Oceanteam Solutions is specialised in building demountable turntable systems that easily can be delivered in 40ft containers to all ports globally. The company designs and produces turntables in various sizes, for onshore and offshore use and for a variety of cables, umbilicals, pipes or flowlines. The Company provides full engineering design and consultancy services to clients in the oil and gas and renewables industries. Oceanteam Solutions can also provide services for complex structures both onshore and offshore. With the in-house engineering experience and expertise, clients can contract the most effective vessel and equipment solutions for their projects. 
 
Over the years Oceanteam Solutions has built up a broad client base worldwide, to which the company successfully supplies equipment and supports the client's offshore cable, pipeline and umbilical installations, transport and storage projects. From our base with deep-water quayside facilities in Velsen-Noord, the Netherlands, the company can accommodate all sizes of vessels for mobilisation and demobilisation with easy access to the North Sea.

Oceanteam Solutions had an average of 100 engineers who worked on multi discipline service contracts during the quarter.
 

Main operational projects Oceanteam Solutions (Q4 - 2016)

  • Large cable splicing and jointing started involving multiple disciplines and equipment with an expected duration of 6 months.
  • Supply of full cable installation spread to Offshore Wind client.
  • Multiple cable storage contract ongoing.
  • Various multi discipline design engineering contract ongoing.
  • World's largest Ferris Wheel design, construction, lifting support continues to create significant amount of work.
  • Phase 1 Offshore Wind Park design in China completed and commenced phase 2


Market outlook

The main factor in the market outlook is the turmoil in the oil price. The volatile environment for oil and gas prices and activity has created significant market challenges for our industry, but also opportunities. With the Company's expertise in combining engineering, shipping and equipment, the Company is ready to add more value for our clients.

 
OCEANTEAM ASA - Q4 2016 REPORT
OCEANTEAM ASA - Q4 2016 PRESENTATION

Vessel in the spotlights: CSV Southern Ocean


Vessel in the spotlights: CSV Southern Ocean
Oceanteam owns, charters and manages high quality deepwater offshore support vessels and fast support vessels. The North Ocean fleet consists of three vessels: two high-end large deepwater offshore Construction Service Vessels (CSVs) and one Lay Vessel. This time in the spotlights: our CSV Southern Ocean. 
This state-of-the-art vessel is characterised by her large cranes (1 x 250 and 1 x 100 tonnes fully heave compensated), 2400 m2 deck space, extensive accommodation and excellent seafaring capabilities. The DP2 Construction Support vessel (dynamic positioning class 2) can be utilised for field support, construction, installation and IRM.
 
Some specifications:
Type: Construction Support vessel
Year of build: 2010
Length OA: 136.60 m
Beam: 27.00 m
Speed: 15 knots 
A complete overview of all specifications can be found here.
 
The vessel has been on long-term bare boat charter with Fugro TSM Australia since her delivery in 2010. CSV Southern Ocean is owned by a joint venture between Bourbon Offshore Norway and Oceanteam.
 
Want to know more about our CSV Southern Ocean or our other vessels? Please visit our vessel overview page or contact our Fleet Manager Mathieu Feisthauer 

Invitation to Q4 2016 investor presentation


Invitation to Q4 2016 investor presentation
Oceanteam ASA cordially invites you to attend a corporate presentation of the company’s  Q4 2016 results

The presentation will be held in Oslo:
Tuesday, 28 February 2017, 08:00 CET
Hotel Continental
Stortingsgaten 24/26
N-0117 Oslo

To participate please RSVP to:
info@oceanteam.no

The journey from oil platform to observation wheel


The journey from oil platform to observation wheel
KCI the Engineers, Oceanteam’s subsidiary, designed world’s biggest observation wheel, the 200+ metre-high Ain Dubai. Previously, KCI engineered 135 m and 180 m big wheels in London and New York’s Staten Island. How did KCI get involved in the Wheels business? Meet Marc Groenendijk, managing director at KCI. Groenendijk started his career at in 2005 as a senior engineer and calls himself a 'hardcore engineer'. Currently, he leads a team of over 100 employees, including the Wheels division. "An observation wheel is a true landmark; it really speaks to everyone's imagination."
What was your first job at KCI?
 
“I started as a member of the team that designed t enormous ‘Pioneering Spirit’ vessel, developed by Edward Heerema’s company Allseas, which can remove offshore production platforms. I still remember the thrill you get when you can actually touch and feel your design, and see that everything you developed together really works!”
 
How would you describe yourself as a professional?
 
“I see myself primarily as a team player, looking for out-of-the-box solutions together with my planners and engineers. KCI is all about cooperation. Within the company, but it also involves teaming up with other companies. We are currently involved in the development of an observation wheel in New York in collaboration with Mammoet and Huisman, for instance.”
 
What is KCI’s greatest strength?
 
“We are quite good at analysing all sorts of problems huge steel structures encounter, such as ocean currents, towering waves at sea and whirlwinds on land. We calculate the dynamic behaviour, also called fatigue behaviour, of steel. If you bend a paper clip often enough back and forth, it will break. But you can’t let that happen to an observation wheel! That’s why we then translate these calculations into 3D drawings that allow us to look at a construction from every side and angle. Based on these calculations, we know if proper maintenance is possible and if parts can be easily replaced. And whether the construction is sustainable: is it possible to dismantle and reuse it any time in the future?”
 
KCI started designing oil and gas production platforms in 1987. By now the company is mainly active in the offshore wind industry and in the design of observation wheels. Can you explain this shift?
 
"Moving from designing oil production platforms to the offshore wind industry is a logical step, because it also takes place at sea. The offshore wind industry is booming and turbines must withstand the same sea conditions. Now we work on entire wind farms at sea. Observation wheels are a different story. At some point, we were asked to help design the London Eye. That success led to a commission to design the Berlin Wheel. That project was postponed due to the economical crisis, but the planning permission is still in place.
 
In the meantime, we have been involved in the design of six wheels and still counting. Ain Dubai is now under construction. Measuring a whopping 260 meters in size, it is our latest flagship project. On Staten Island in New York we have developed a smaller wheel based on the same principles. That might already be finished within one year and a half. "
 
What is so special about Ain Dubai, besides the dimensions?
 
“In Dubai we are responsible for both the project engineering and the construction supervision. We have a dedicated KCI team on site so we can figure out a solution immediately once a problem occurs during the construction phase. In addition, the Dubai authorities wanted a completely transparent wheel with a minimal usage of steel. Unfortunately, the soil conditions of the artificial island did not allow that, and we couldn’t support it effectively with cables. So we developed a special slide bearing - a real innovation. Now we have a KCI team stationed there permanently to translate any issues that arise on site straight into solutions. The whole world is watching how we deliver there. This wheel is a true landmark; it really appeals to everyone's imagination."
 
More on KCI’s Wheels division

KCI attends TKI WoZ Match Making day


KCI  attends TKI WoZ Match Making day
On February 15, Oceanteam’s subsidiary KCI the Engineers will attend the yearly Match Making day, organised by Dutch knowledge and innovation consortium TKI Wind op Zee (WoZ). TKI WoZ is a Dutch organisation that facilitates collaboration between companies, knowledge institutions and the government in the field of wind energy. The organisation stimulates research, innovation and implementation in the wind energy industry. 
At the Match Making day, KCI will pitch its promising Double Slip Joint concept. The DSJ is a smart alternative to grouted or bolted connections between the transitional piece and monopile for offshore wind turbines. Last year, KCI was awarded with a subsidy from TKI WoZ for the further research & development of the DSJ concept.
 
The Match Making Day will take place in the Veerensmederij in Amersfoort. The morning programme is for participants only, but anyone with an interest in the subject can attend the afternoon session for free. More information on the Double Slip Joint Concept can be found here

 

KCI enters Chinese market with offshore wind contract


KCI enters Chinese market with offshore wind contract
Beijing-based Huadian Heavy Industries selected Oceanteam’s subsidiary KCI the Engineers for the design review, fabrication preparation, load out and installation of an offshore substation. KCI will take care of the design review of both the topside as well as the foundation. This project is the firm’s first step entering the promising Chinese renewables market. 
According to Jan Willem van Bloois, Director Sales & Marketing at KCI, undoubtedly, KCI's extensive experience in the design of topsides & foundations in the Offshore Wind market, contributed to the speedy closure of this new contract.
 
Last year, Oceanteam Solutions and KCI announced their plans to enter the Chinese market, in collaboration with OFFCO, an international company with both Dutch and Chinese partners. OFFCO has a strong track record in Chinese offshore oil and gas and renewables activities. The company is also well connected with the leading Offshore Wind Energy Developers in China.
 
China is world’s biggest investor in renewable energy, including wind energy projects. As a result, the Chinese market offers enormous opportunities for wind turbine suppliers, offshore solution providers and engineering firms, like Oceanteam Solutions and KCI. 

McDermott to exercise its option to purchase PLV North Ocean 105


McDermott to exercise its option to purchase PLV North Ocean 105
Oceanteam ASA ("Oceanteam" or "Company") announces that joint-venture partner McDermott will exercise its option to purchase Oceanteam’s 25% ownership in the vessel-owning company North Ocean 105 AS by the end of April 2017. Under McDermott’s main credit facility agreement, it has announced that it is required to do so. 
As part of the understanding with its bondholders and that was announced on January 11th 2017, Oceanteam will use the proceeds for repayments of vendors and repurchase of outstanding bonds. It will realise significant capital gain on the sale of its ownership interest in this vessel.
 
“We move perfectly according to plan enabling to align our costs of capital employed and our amortization profile amongst others with the current market situation”, says CEO Haico Halbesma. “As said in previous updates, our financial restructuring will allow us to further develop our existing market activities, to take advantage of new business opportunities, and thus to allow us to build long-term value for the benefit of all Oceanteam's stakeholders and employees". 

Oceanteam ASA reaches understanding with bond holders on refinancing current bond loan agreement


Oceanteam ASA reaches understanding with bond holders on refinancing current bond loan agreement
Today, Oceanteam ASA ("Oceanteam" or "Company") announced it has reached an understanding with its bond holders on the main terms of the bond loan. As part of a financial restructuring announced in October 2016, the company entered into constructive talks with its banks and its bond holders. 
“We expect to need another few weeks to finalize our talks with the bond holders. This is good news for our employees, suppliers, clients, creditors and for our business partners. A final agreement will be the most critical milestone to create a strengthened financial foundation and to align Oceanteam with today’s market dynamics”, says Oceanteam’s CFO Wilhelm Bohn. “We have reached an understanding to repay the bond in full, to extend the loan maturity and to reduce the cash interest costs enabling.”
 
The new terms will not include any equity offering by the company’s current shareholders. However, significant cash compensation due to (a.o.) CEO Mr. Haico Halbesma, also one of the company’s main shareholders, will be deferred as part of the agreement. Furthermore, there is an understanding for the use of proceeds from the sale of North Ocean 105 for repayment of vendors and of secured lenders of Oceanteam as well as an understanding of a mechanism for repurchase of bond on an on-going basis.
 
“The progress and developments made so far and the continued support provided by the Halbesma family as main shareholders, confirms the commitment and strong belief that we have in the future success of Oceanteam. The understanding reached with the bond holders is a key step forward. It will allow the company to further develop its current market activities, to take advantage of new business opportunities, and thus to allow us to build long-term value for the benefit of all Oceanteam’s stakeholders and employees”, says CEO Haico Halbesma.
 
Oceanteam ASA will further detail its capital restructuring plan as soon as possible.
 

Oceanteam’s 2016 in 60 seconds


Oceanteam’s 2016 in 60 seconds
2016 was a both exciting and turbulent year for Oceanteam. While the oil and gas market remained challenging, Oceanteam Solutions and KCI managed to win many new contracts in the offshore energy market, which led to amazing cabling handling and transport projects.  On top of that, KCI launched a separate Wheels department, with the Dubai Eye project as flagship project. Oceanteam’s 2016 highlights in a nutshell.
Oceanteam’s 2016 in 60 seconds

Growing demand for offshore wind power solutions in Europe


Growing demand for offshore wind power solutions in Europe
Oceanteam Solutions (OTS) not only has achieved excellent results in 2016, the future for the company looks promising too. OTS is currently receiving an above average number of RFQ’s (Request for Quotation) for equipment rental contracts. According to Oceanteam Solution’s managing director Lex van Doorn, European offshore wind power projects in particular will be a major growth driver in the coming years.
Nowadays, almost all European Member States focus on sustainable energy, with Germany in pole position. Good news for the cable laying, transportation and storage business: offshore wind power is leading in most energy-saving strategies. Van Doorn: "We expect 2017 to be a bit of a gap year, but in the following years offshore wind projects will be booming. We already see this in the number of RFQ’s for 2018.”
 
Oceanteam Solutions is a dominant supplier in equipment rental for offshore wind projects, thanks to extremely competitive pricing and a wide range of modular systems. "That makes us an attractive business partner in this industry”, says Van Doorn. “In addition, our location with deep-water base in Velsen knows very few restrictions and offers us complete flexibility. That is very beneficial to our clients.”
 
Operational excellence
Van Doorn expects the renewable energy market in Asia to eventually show an upward trend too. “Although we have high expectations for the Asian renewables market, momentarily the European market shows a remarkable movement. Anyway, in 2017 we are going to prepare our organisation for the challenges over the period 2018 to 2020, with operational excellence as a continuous driver.”
 
Asked if this also may lead to additional investments, Van Doorn answers: “Perhaps, if market demand justifies it. But we will not take irresponsible risks. We perform extremely well at the moment, with almost all of our equipment in use. That is a business model you don’t want to jeopardise. In short, we will continue to monitor the markets closely.”
 
Learn more about Oceanteam’s solutions for the offshore wind market

Delivery of the CSV Tampamachoco 1 (T1) deferred for one year


Delivery of the CSV Tampamachoco 1 (T1) deferred for one year
Oceanteam‘s subsidiary Diavaz-Oceanteam Shipping (DOT) has come to an agreement with seller Pacific Radiance to postpone the delivery of the CSV Tampamachoco 1 (T1) for one year. Delivery is now scheduled for January 2018. The Oceanteam joint venture with Mexican-based Diavaz however holds an option to further delay the delivery for another year. Pacific Radiance will absorb the additional costs for the deferred delivery.
The vessel, which just completed her sea trails last November, is build on time, within budget and has already secured post delivery finance. Nevertheless, DOT and Pacific Radiance agreed that under current market circumstances it is prudent to postpone. However the vessel can be delivered on short notice when market circumstances improve.
 
Haico Halbesma, CEO of Oceanteam explains: “As a result of the ongoing challenging oil and gas market and thanks to the co-operative relationship between our companies, we have mutually agreed to delay the delivery of the vessel until January 2018.”
 
New generation support vessel
T1 is the first in a series of a new generation topside and subsea maintenance vessels, developed by DOT Shipping and sailing under Mexican Flag. The T1 is a DP3 multi purpose, 300 p.a.x. vessel, which combines a 300 tons top side crane with an additional subsea crane capability, a 29 meter beam and a high capacity walk-to-work-system that is permanently installed. The combination of an innovative approach, long-time experience and strong engineering input from the DOT partners assures that new standards are set not only in position keeping capability, but also in terms of fuel consumption and comfort.
 
Also read:
 
Fugro NV retains charter contract CSV Southern Ocean
 
Oceanteam Solutions wins contract to engineer and supply 4000t and 2000t turntables

Fugro NV retains charter contract CSV Southern Ocean


Fugro NV retains charter contract CSV Southern Ocean
Last week, Fugro NV announced to no longer pursue the divestment of its subsea services business in Asia Pacific to Shelf Subsea. As a result, Fugro will retain all vessels, other equipment and personnel related to the business, including Oceanteam’s CSV Southern Ocean. 
This August, Fugro announced that the company had signed an agreement for the sale of its subsea services business in Asia Pacific to Shelf Subsea. However, parties were unable to reach agreement on some closing conditions and Fugro decided to no longer pursue the transaction.
 
Oceanteam’s CSV Southern Ocean, which has been on long-term bare boat charter with Fugro TSM Australia since her delivery in 2010, will therefore not be transferred to Shelf Subsea Australia. As a result, the vessel will remain under contract by Fugro TS Marine Australia until the end of 2018 plus options for extension.
 
The CSV Southern Ocean is a DP2 Construction Support vessel (dynamic positioning class 2), that is characterised by her large cranes (1 x 250 and 1 x 100 tonnes fully heave compensated), 2400 m2 deck space, extensive accommodation and excellent seafaring capabilities. These characteristics enable Southern Ocean to be utilised for field support, construction, installation and IRM.
 
CSV Southern Ocean is owned by a joint venture between Bourbon Offshore Norway and Oceanteam.
 
For further information, please read Fugro’s official statement. For more details on the CSV Southern Ocean, please contact our Fleet Manager Mathieu Feisthauer  mathieu@oceanteam.nl

Oceanteam Solutions wins contract to engineer and supply 4000T and 2000T turntables


Oceanteam Solutions wins contract to engineer and supply 4000T and 2000T turntables
Oceanteam Solutions has won a contract for engineering and supplying a 4000T and a 2000T turntable for the splicing, storage and multiple loadouts of cables. Furthermore, Oceanteam will accommodate a professional cable handling crew, engineering services and equipment for the complete project.
 
For this newly awarded project, two cables will be delivered and spooled onto the two turntables. The cables will be spliced in Oceanteam Solutions’ custom-made workshop and then spooled onto a cable laying vessel. Earlier this year, Oceanteam completed the engineering and supply of a 4000T and 1100T turntable for the same client.

Lex van Doorn, Managing Director of Oceanteam Solutions is pleased with the recently awarded project: “We are very happy to win this new contract after successfully completing our assignment for the same client last spring. This confirms our expertise in high quality engineering, custom made equipment and professional cable handling.”


Find an updated overview of our past and present cabling solutions projects here solutions/past-and-present-projects

Amazing views: Oceanteam cable loadout in 360 degrees


Amazing views: Oceanteam cable loadout in 360 degrees
Oceanteam Solutions won a contract to supply equipment and services for cable transport and load outs from Asia to Europe in 2016. For this project, Oceanteam earlier successfully performed a cable loadout in Asia. Last month, the Oceanteam Solutions crew finished the project with the successful load out of the cables in the Port of Amsterdam, The Netherlands. The demountable turntable systems were delivered to the mobilisation site in 40ft containers and were completely built up by the Oceanteam technicians.
The Oceanteam crew made an amazing 360º-report of the cable load out, including impressive pictures of the heavy lifting during the demobilisation. After the loadout and demobilisation, the cables were transported to the Oceanteam Equipment Base in Velsen.

Aerial view of cable highway


Carrousel loaded from tween deck


Carrousel loaded in hold


Heavy lift during demobilisation



Interested? Read more about our cable and umbilical storage & handling solutions, turntables and other rental equipment. Or please contact our Solutions Director Lex van Doorn lex@oceanteamsolutions.com.

Vessel in the spotlights: our Fast Support Vessels


Vessel in the spotlights: our Fast Support Vessels
Oceanteam owns, charters and manages state-of-the-art deepwater offshore support vessels, including four Fast Support Vessels (FSV). Our FSVs are primarily intended for crew transfer, urgent resupply and the transport of response teams and equipment. All of our FSV’s are currently on long-term contracts. Our four FSV’s in a nutshell.
 

1. FSV Mantarraya

This FSV was built in 2006 in Singapore and is able to accommodate 75 persons. The FSV Mantarraya is an Axebow design and operates in Mexico and Venezuela

Some specifications:
  • Type: Fast Support Vessel, moderate environment (HS<2.5m)
  • Area Notation: Gulf of Mexico 100 nm from offshore
  • Length OA: 33.25 m
  • Beam: 6.80 m

You can find FSV Mantarraya’s complete specifications here.

2. FSV Icacos

The FSV Icacos has a 110 m2 clear working deck with a cargo capacity of 40 tonnes and a structural strength of 2 t/m² . The vessel, which was delivered in 2015, can accommodate 96 passengers and a 10 men crew, and has a service speed of 25 knots. And of course this FSV is designed to meet the international requirements.

Some specifications:
  • Classification: +100A1 SSC WORKBOAT MONO G4 ‘service area’, +LMC
  • GRT: 280 tonnes
  • Length OA: 40.37 m
  • Beam: 7.50 m

Please find all specifications of FSV Icacos here.


 

3. FSV Tiburon

The FSV Tiburon operates in Mexico and Venzuela and is also an Axebow design. The vessel is able to accommodate 75 persons and was built in 2006 in Singapore.

Some specifications:

Classi¬fication: Bureau Veritas I Hull • MACH
Area Notation: Gulf of Mexico 100 nm from offshore
Length OA: 33.25
Beam 6.80 m

Please find all specifications of FSV Tiburon here.

4. FSV Cobos

This Fast Support Vessel can accommodate up to 96 passengers with a service speed of 25 knots, and is designed to meet the strict Mexican requirements. The vessel also has a structural strength of 2 t/m² and has a 110 m2 clear working deck with a cargo capacity of 40 tonnes. FSV Cobos was delivered in 2015.

Some specifications:

Classification: .+100A1 SSC WORKBOAT MONO G4 ‘service area’, +LMC
GRT: 280 tonnes
Length OA: 40.37 m
Beam: 7.5 m

Please find the complete specifications of FSV Cobos here.



Want to know more about our FSV’s or other vessels? Please visit our vessel overview page or contact our Fleet Manager Mathieu Feisthauer Mathieu@oceanteam.nl.

China takes the lead in wind energy


China takes the lead in wind energy
Wind energy becomes more and more an essential and valuable part of the world’s energy markets for the foreseeable future. The total global cumulative wind capacity will be over 705 (!) GW by the end of 2020 according to Navigant Research, a market research and consulting team that provides in-depth analysis of global clean technology markets. But something is going on, warns Navigant analyst Jesse Broehl. He notes that there are effectively two wind markets: China and the rest of the world. The split is not only in total capacity installed in a given year but also in the underlying wind turbine supplier dynamics.
The International Energy Agency announced that renewable energy surpassed coal in terms of cumulative capacity last year. Investment in the sector also hit a record high with $ 348 billion, data from Bloomberg New Energy Finance showed. A substantial part of these investments related to wind energy. In fact, growth occurred in almost every wind market—from the long-established European countries to new markets in Latin America, Asia, Africa, and elsewhere. On a cumulative basis, global wind power capacity grew to 434.1 GW in 2015 from 372.3 GW the prior year, with North America and Latin America and several EU-countries as fast movers.
 
Domestic vendors
But the Asian markets are really driving wind demand - particularly China. The combined markets of South and East Asia represented 52.6 percent of global wind power capacity in 2015, up from 50.6 percent in 2014. Almost all of this annual record was driven by China, which installed a remarkable 30.2 GW - up from a record 23.3 GW in 2014, which itself was an incredible achievement according to Broehl. Annual capacity installations above 20 GW are expected again for 2016 and in near-term years. Against this background it is easy to assume that the Chinese market offers enormous opportunities for wind turbine suppliers, engineering firms and so forth. There is only one problem: China shows an overwhelming preference for its domestic vendors.
 
Building the bridge
To unlock the potential of the Chinese market Western suppliers of technology and knowledge are therefore wise to team up with Chinese partners, says Jan Willem Bloois, Sales Director of KCI Engineering. Oceanteam and KCI recently signed a long-term representing and consultancy agreement with OFFCO, an international company with both Dutch and Chinese partners, enabling it to build the bridge between the Netherlands and China.
 
The firm has a unique track record in Chinese offshore renewables activities, build on a strong local market presence and contacts at all levels with Chinese companies and the Chinese authorities. OFFCO is also well connected with the leading Offshore Wind Energy Developers in China. According to Mr. Bloois, the agreement is most promising for the future. “Neither KCI nor Oceanteam have an extensive sales network in China, being a notoriously difficult market to enter. OFFCO knows the Chinese market and speaks the language. At the same time it is a partner that we know already very well for many years.”
 

Oceanteam and the flourishing renewables market


Oceanteam and the flourishing renewables market
According to TIME magazine, over half of the world’s new power capacity in 2015 came from renewable energy sources like wind power. In a report that was published on 25 October this year, the International Energy Agency states that renewables are beating fossil fuels for the first time. Right now, renewables represent 23% of global power generation.
A percentage that is expected to grow to 28% by 2021. According to the report, policy makers will continue to encourage the adoption of renewable power. What is Oceanteam’s role in this very promising market?
As the demand for renewable energy is growing, more and more, large offshore wind farms are popping up. This is where Oceanteam Solutions gets involved. The company is specialised in the design, build and rent of equipment for laying power cables to offshore wind parks and the storage and transport of these cables.
 
At offshore wind farms, very large and heavy power cables have to be laid in one piece from the wind park to the mainland. At the cable manufacturer, the cables are spooled onto large turntables (carousels), to be transported to cable-laying vessels. Imagine a huge round steel construction that can rotate in various speeds, fixed on a vessel. On a foundation frame a cable basket is mounted, able to load cables of different lengths, diameters and types. Oceanteam rents out turntables with a modular design that can be built on an existing vessel or on the quayside, and can be adapted in diameter to the size of the vessel and the weight of the cable.

Besides modular turntables, Oceanteam owns various loading towers (a tower that is designed for loading and deploying cables) and tensioners for the installation, transportation and storage of power cables. These tensioners make sure that force is applied allowing uninterrupted tensioning of the cable during deepwater installation or when the cable needs to be spooled onto the turntable. Also, the company supplies different sizes of storage reels with drive systems that can handle up to 500t of cables.
 
Engineering services
However, hiring out equipment is not the only thing that keeps Oceanteam busy in the wind energy market. Oceanteam’s subsidiary KCI the Engineers assists offshore wind developers during field development. The company offers consultancy and engineering services including the design of foundations, cables, met masts and substations. KCI consults clients during the complete life cycle of an offshore wind farm from first concept to decommissioning or life time extension.
 
KCI has been involved in the design of over 15 offshore wind farms in northwestern Europe. Recently, the company was awarded a contract to further develop the basic engineering of the structural steel design of MonoBaseWind, a new way to install a gravity base of a wind turbine.
Learn more about KCI’s role in the wind energy market.

 

Oceanteam ASA - Release of Q3 2016 report and presentation


Oceanteam ASA - Release of Q3 2016 report and presentation
Capital restructuring ahead to further develop Company’s potential

With a Q3 EBITDA of USD 3.6 million, the Oceanteam Shipping and Solutions divisions have proven their ability to perform in an operationally robust manner. Oceanteam succeeded in sustaining occupancy and revenues when building long term backlog for its shipping business unit under very challenging market conditions. Also, the dry dock and maintenance period and startup of new contracts has had its impact on the third quarter EBITDA. In addition, the Oceanteam Solutions division has shown an ongoing high level of activity and has made a promising and exciting entrance into the Chinese renewables market.

While the Company has proven that it is operationally and strategically agile, with a solid business model, the Company’s financial situation is challenging. The Company is facing financial restraints due to its current high cost of capital and its (2017) maturing debt capital structure, which is restricting the ability to develop in what the Company believes is in the interest of its stakeholders.

Following the Company’s earlier communications, Oceanteam announced to have initiated a process of restructuring and has started dialogues with banks and bondholders aimed at a financial restructuring that should lead to a structurally lower cost of capital and a later maturity of its loans. The Company aims to gain more effective headroom resulting in improved day-to-day cash flow to cope with an extended downfall of market liquidity faced by practically all market players in the offshore industry, whether this is incidental or structural.

We are currently in a constructive dialogue with our bondholders following our deferral of interest payment of the Company’s Senior unsecured Bond. However, the immediate effect of this deferral is that under the loan agreements cash is retained by the banks within the working entities instead of flowing to Oceanteam ASA and that advisor and legal costs have increased as a result.

Our newly appointed interim CFO will lead the Company’s financial department and will be heading the current financial restructuring process. Mr Bøhn has a solid track record in corporate finance and has been involved in a number of capital restructurings. Oceanteam is pleased to have Mr Bøhn on board to help manoeuvre the Company during a demanding time and in a challenging market environment.

During the first weeks of Q4, we started to tackle the liquidity squeeze, in particular due to the newly entered vessel contracts for CSV Bourbon Oceanteam 101 and CSV Southern Ocean, by payment issues on two smaller vessels in Venezuela and by some of Solutions’ clients. Oceanteam has chosen a strategy aimed at keeping utilisation of its assets high and securing a long-term backlog, and Q3 is a quarter in which reduced rates take effect on the CSV Southern Ocean and CSV Bourbon Oceanteam 101. In addition, CSV Bourbon Oceanteam 101 has been off hire from May until mid-August 2016 for (de)mobilisations and dry dock, prior to starting a three to five-year contract.

As stated above, given the market realities and despite the Company’s current financial situation, third-quarter results were at a reasonable and robust level, certainly when taking into account the start-up of new vessel contracts with an EBITDA of USD 3.6 million. Oceanteam Solutions’ operations and service project mix is growing steadily, and the quarter once again showed a high level of operational activity in both new and existing contracts. With the renewables market showing strong growth and a positive outlook, Oceanteam is also expanding its geographical focus.

During the third quarter, Solutions signed its first long-term agreement for engineering and consultancy services in China. The project includes work related to offshore wind installations and support for power cable projects in China. This is a very exciting opportunity, as we are entering the Chinese market, which has enormous potential.

Oceanteam has secured significant contracts in the last six months for its main assets. Its strong focus on Mexico, IRM support and offshore renewables gives the Company a secure backlog and cash flow for the years to come, although at reduced rates. Unlike a number of its peers, the Company did manage to secure a backlog. The Company is confident this provides a solid basis to reset its capital structure as well.

With solid revenue, strong focus on structural cost reductions, reduction of capex commitment, geographical opportunities, diversified business activities and a newly appointed Chief Financial Officer, Oceanteam is prepared to overcome the financial hurdles ahead in order to develop the Company in the interest of our stakeholders. Now is the time to prove the viability of a diversified business model and robust performance, and we are confident that we have all the necessary elements in place to do so.

Please find attached the complete Q3 2016 report and presentation.

OCEANTEAM ASA - Q3 2016 REPORT
OCEANTEAM ASA - Q3 2016 PRESENTATION

‘We really cannot afford missing things out’


‘We really cannot afford missing things out’
Mirsad Baručić BSc Eur-Ing., Project Manager at KCI the engineers, is closely involved in the Design, Engineering and Construction of the largest observation wheel in the world, the Dubai Eye (Ain Dubai). A project of unprecedented size and complexity, he says.
"I started at KCI in 2006, immediately after my graduation. One of the first projects I worked on was commissioned by what was then called ‘The Great Wheel Corporation’, known for its observation wheel in London (London Eye). They asked us to work out a number of concepts for new wheels for them, and one of these concepts was the Dubai Wheel. Although this wheel was meant for another part of Dubai, it served as a blueprint all the same. The ‘observation wheels’ market became quiet for a while after that, until in 2013 KCI was requested to perform a concept design for what is to become the world’s biggest observation wheel, the Dubai Eye (renamed to Ain Dubai).
 
Today we are working on the installation engineering and supporting of the erection of the wheel which is being constructed on the Bluewaters Island in Dubai. In fact, we have been involved in this project from the first screw on - from concept, basic and detailed design to installation and erection design and engineering, including installation and fabrication support on site. In that respect I believe that our experience and expertise in the Observation Wheels market is unmatched!”
 
Huge challenge
"An Observation Wheel is actually a circular steel structure which is held together by cables. Compare it to the spokes of a bicycle wheel: each cable must be exactly the same length and must be based on exactly the same tension in order to get a perfect round wheel that stays centered. The Dubai Eye, the largest observation wheel in the world with a diameter of more than 200 meters, has proven to be a huge challenge for us from day one! As engineers, we often could not fall back on the default standards for design, materials, dimensions, calculation methods and such, because these do not cover a structure of this size and complexity. So we have to figure out on scientific level how to approach and solve complex issues in order to provide a safe and reliable design. We really cannot afford missing things out!"
 
"The actual erection of the wheel is the most critical phase, because you also have to consider the method. We had to take into account all kinds of temporary steel structures, weighing almost the same as the permanent structure, just to be able to construct it, ensuring at the same time that the total structure would not be too heavy and fail under its own weight... One would think steel is strong and this should be no problem. But this thing is so huge: if you would make a scale model of it, you would have to use spaghetti. Just imagine: if you squeeze a little too hard somewhere, your spaghetti is quite easily broken."
 
Spectacular view
"The design for the wheel and method for installing it is now ready, and the construction and erection phase of the wheel itself is now ongoing. I expect it will take at least two years before we can take a trip in this giant. Actually, this phase is technically the most challenging. And then there’s also the phase of commissioning: There are numerous systems integrated in the wheel which all need to be interfaced and tested. Capsules, LED lighting on the wheel, drive system, you name it and everything is designed and executed double so that safety is always guaranteed!”
 
“Just image the view from the closed capsules at 200+ meters height, equipped with every conceivable luxury, overseeing the Palm Islands and Dubai Marina, this will eventually be absolutely spectacular!"

KCI the Engineers awarded with new assignments by MonoBaseWind and Centrica


KCI the Engineers awarded with new assignments by MonoBaseWind and Centrica
Last month, Oceanteam’s subsidiary KCI the Engineers has won two new assignments. MonoBaseWind BV, a cooperation between Orca Offshore, PBConsultants and Venture Counsels, has contracted KCI for the basic engineering of the structural steel design of their self-installing Gravity Based Foundation (GBF) concept. And gas producer Centrica has awarded KCI with an assignment for a NOx Compliance project. 
MonoBaseWind is a new way to install a gravity base using advanced technology developed in the offshore Oil and Gas industry. Monobase Wind’s self-installing GBF is specifically developed for wind turbines with a capacity of over 6MW which need to be installed in waters deeper than 40m. The principle has been tested by computer simulation and by model testing at Marin.

The next step for the concept is full scale testing. A demonstrator will be built in order for the self-installing GBP to be accepted for project financing. The target site for the demonstrator is the Borssele Kavel 5, which is specifically intended for testing new offshore wind technologies.

The scope of KCI's assignment includes the basic design of the steel structure, the secondary steel, guiding system, ballasting system and the transport & installation procedures.

NOx Compliance project
Centrica Exploration & Production Nederland has granted KCI a new assignment for their NOx Compliance project. In the first half of 2016, Centrica already contracted KCI for the Concept Selection for the same project. The new assignment encompasses the FEED (front end engineering design) study.

As of 2019, gas turbines need to comply with the new Dutch decree relating to emissions from medium-sized combustion equipment (BEMS). Centrica is already anticipating on this new regulation and in particular for the J6A gas processing platform located in the Dutch sector of the Southern North Sea.

This platform was originally built to process gas from the Markham field but it now functions as a processing hub for gas from several fields: J3aC, K4aD, Windermere, K1A, Grove, Chiswick and Kew. Together these fields make up the Greater Markham Area (GMA). To accommodate the fields being at different stages in their field lives, there are three different field suction pressures available on J6A: Low Low Pressure (LLP), Low Pressure (LP) and Natural Flow. This is achieved by having one LLP compressor and two (parallel) LP compressors.

During the concept select phase performed by KCI, Centrica has chosen to implement the Selective Catalytic Reduction (SCR) technology to achieve the required NOx levels of the LM 1600 compressor drives. Centrica is a pioneer by installing this system on one of their offshore gas production facilities.

In the FEED phase KCI will develop the design of the SCR system in such a way that all technical risks are addressed and mitigated and that a 10% accurate budget estimate is provided for subsequent procurement and installation.

Oceanteam ASA informs bondholders of the deferral of interest payment on senior bond


Oceanteam ASA informs bondholders of  the deferral of interest payment on senior bond
Following initial talks with banks last week kicking off the Company’s planned capital restructuring, Oceanteam ASA will personally inform its bondholders as from 24 October 2016 that it will not meet its interest payments on the Senior unsecured Bond due that same date. 
As part of the financial restructuring that was announced October 20th 2016, Oceanteam has already entered into dialogues with its banks and largest bondholders. The Company will continue this process with all its bondholders with the aim of establishing a revised capital structure and cost of capital supporting the long term growth of Oceanteam.

“The deferral of the Company’s interest payments is the immediate result of our short term cash position that has been depleted by reduced rates and costs related to the recent extensions of vessel contracts of CSV Bourbon Oceanteam 101 and CSV Southern Ocean and SPS for CSV Bourbon Oceanteam 101”, says Wilhelm Bøhn, CFO of Oceanteam. “Due to these events we are enduring unexpected delays in the first payments on charter hires on the above mentioned contracts and are not in a position to meet the interest payment obligations that are due on 24 October 2016 according to  Bond Agreement.”

The Company is currently reviewing all alternatives available given the current market conditions. “We are aiming to continue our constructive dialogue with our banks and bondholders alike. We invite all bondholders who hitherto may not have had direct communication with the Company to contact us”, says Bøhn.

Oceanteam ASA will detail its capital restructuring plan as in near future.
 
Also read:

Oceanteam ASA initiates financial restructuring

Oceanteam manages to extend two vessel contracts

Oceanteam ASA appoints interim CFO


Oceanteam ASA appoints interim CFO
Today the Norwegian-Dutch offshore service provider Oceanteam ASA appointed Wilhelm Bøhn (48) as interim CFO.
Mr Bøhn, who holds an MBA from Columbia University and a BA from the Johns Hopkins University, has a solid track record in corporate finance and has been involved in a number of restructurings. Mr Bøhn will head the company's financial department and in particular lead the current financial restructuring process.

"I am excited to assume my new role and resulting responsibilities", says Bøhn. "Oceanteam records solid performances in its shipping and solutions divisions. But its growth is restricted by a cost of capital that is too high and its lack of financial flexibility to cope with and adapt to today's market circumstances. I very much look forward to working closely with CEO Haico Halbesma and the Board of Directors and with our banks, bondholders and others parties to create a solid financial foundation for the company together to take advantage of the opportunities ahead of us."

Oceanteam will present its Q3 accounts on 10 November 2016 at 8am in the Hotel Continental in Oslo.
 

Also read:

"Oceanteam CEO Halbesma takes over CFO tasks"

"Oceanteam CFO Torbjorn Skulstad to leave company as of November 2016"

Oceanteam ASA initiates financial restructuring


Oceanteam ASA initiates financial restructuring
Oceanteam ASA ("Oceanteam" or "Company") is in the process of developing a restructuring plan that will secure a capital cost and structure which will support the value preservation and financial flexibility while enabling value creation for all stakeholders.
Oceanteam has initiated constructive dialogue with its stakeholders to shape its financial restructuring process and improve the financial flexibility in today's challenging market situation. The Company is facing serious financial restraints by its current capital cost and structure, which is  restricting its ability to develop in the interest of its stakeholders. This has taken the effect of immediate cash liquidity constraint for various reasons - some of temporary and some of permanent character. The Company needs financial flexibility to further advance the business while coping with the market circumstances. Consequently the Company has initiated dialogue with its banking group and will immediately do the same with its Bondholders with the aim of establishing a revised capital structure and cost of capital supporting the long term growth of Oceanteam. The Company is currently reviewing all alternatives available given the current market conditions and will detail this initiative in near future.

Mwata Belgrave, Director Operations at KCI: “We perform better than ever”


Mwata Belgrave, Director Operations at KCI: “We perform better than ever”
Mwata Belgrave takes real care of his team. Four questions about the main responsibilities and the biggest challenges of his job.
What are the main responsibilities of a Director Operations at KCI?
 
"As Director Operations I am ultimately responsible for the execution of all projects in our four market segments. KCI has two pillars being Sales and Operations. Operations consists of the various technical departments with a section head per discipline, the project managers and the Project Services department. Once the Sales process is completed and the contract with the customer is signed, we come in. First of all, a project team is formed by assigning a project manager and the required engineers from the various disciplines. This project team will deliver the project within schedule, budget and with the right quality.”
 
“My main task is to coordinate the running projects and to prevent or solve potential issues on the projects. I also need to ensure that the ‘backpacks’ of our professionals are structurally well stocked with the proper procedures and tools to carry out projects efficiently and to provide the right quality. For example, think of the right project management procedures and templates. KCI usually runs between 20 and 40 projects simultaneously - from very large, such as the Observation wheel in Dubai with a project value of several million euros, to very small with a duration of no more than one or two weeks. And everything in between.”
 
What were you doing professionally before this job and how did you come in contact with KCI?
 

"I came on board at KCI because the company was planning to outsource a portion of the technical designing to Thailand. I lived and worked in that country for several years, so I was asked to coordinate the communication with Thailand. After a few internal career steps, I went to work as a project engineer, and later as a project manager. My current position was created after the latest reorganisation, designed to make the organisation more efficient and with a flatter hierarchy."
 
What is according to you the biggest challenge in your job?
 
"In general I would say the challenge to be service-minded towards our customers but to deliver within the agreed time schedule and budget. You have to constantly find the balance between being very service oriented and yet respecting the budget. In today's market there is also the challenge to maintain the necessary knowledge within a team of relatively small size. We do more with fewer people, and that's not always an easy ride. "
 
What are you most proud of?
 
"The Dubai project is quite challenging: it is a project with both technical challenges which ask the maximum from our Structural engineers, as well as Project Management challenges as the client is a very large organisation with a strong commercial drive. The way we manage that as a team is something I am proud of. It is not easy to control such a large project both technically and financially and in terms of risk management. I am proud of the whole team! Things can always be improved, of course, but compared to some years ago, we perform better than ever."

Oceanteam Solutions and KCI the Engineers attend Offshore Energy in Amsterdam


Oceanteam Solutions and KCI the Engineers attend Offshore Energy in Amsterdam
Next week, you can meet Oceanteam Solutions and KCI the Engineers at the OffshoreEnergy exhibition 2016 in Amsterdam RAI, the most important offshore energy event in the Netherlands.
Visitors can find Oceanteam at stand 1.143. Oceanteam Solutions focuses on offshore services by combining strong engineering and equipment capabilities. The company designs, builds and owns a large pool of demountable turntables and additional equipment for a variety of cables, umbilicals, pipes and flowlines, in close collaboration with Oceanteam’s other business units, like KCI the Engineers.
 
Oceanteam Solutions has successfully executed over 50 cable transport, handling and storage projects. It currently offers facilities in Europe, the Middle East and Asia and is now further expanding its network.
 
Engineering
Oceanteam’s subsidiary KCI the Engineers will also attend OffshoreEnergy. KCI is a multidisciplinary engineering firm that provides full design, engineering and consultancy services to the Oil & Gas, Renewables, Equipment and Observation Wheels market. The leading company recently received a subsidy for her promising Double Slip Joint concept, a smart alternative to grouted or bolted connections between the transitional piece and monopile for offshore wind turbines. KCI can be found at stand 5.153.
 
Lex van Doorn, Managing Director at Oceanteam Solutions, says: “We are looking forward to attending OffshoreEnergy again. Curious about what we can do for your business? Don’t hesitate to visit our booth. We are happy to inform you about our complete range of solutions.”  
 
Meet Oceanteam
Visitors are invited to have a drink & a bite at the Oceanteam stand on 25 October in the afternoon (15.00). Prefer to make an appointment? Please contact Marketing & Sales Manager Saskia Tans at  saskia@oceanteamsolutions.com.
 
OffshoreEnergy will take place on  25 and 26 October at Amsterdam RAI. You can find Oceanteam at stand 1.143. 

Our Operations Manager:“Managing complex projects in a very limited time frame is quite challenging”


Our Operations Manager:“Managing complex projects in a very limited time frame is quite challenging”
Lars van ’t Kruijs has been Oceanteam Solutions’ Operations Manager since 2014. Four questions about the main responsibilities and the biggest challenges of his job.
What are the main responsibilities of an Operations Manager at OT Solutions?
 
“There are quite a few, actually. The first main responsibility is to coordinate and execute the planning of activities on a strategic, tactical and operational level together with the Managing Director. I ensure that marine equipment budgets and project budgets are prepared in close consultation. I am also responsible for the day-to-day management of the Oceanteam Solutions equipment base facility activities at Velsen and for the guidance of the offshore operations and assignment within the project team. Lastly I work closely together with the Operations Coordinator to ensure quality, health, safety and environmental procedures are adhered to industry standards.”  
 
What were you doing professionally before this job en how did you come in contact with Oceanteam?
 
“Before this I worked as a Sales Account Manager at Verhoeven excavators. In short, something completely different - although also in the equipment line.”
 
What is according to you the biggest challenge in your job?
 
“In general, managing complex projects in a very limited time frame to the complete satisfaction of our client. An example of such a complex project is for instance the construction planning of a complete installation for cable splicing and jointing.”
 
What are you most proud of?
 
“I’m always happy to see the Marine Assets department perform properly. I think our real strength is that whatever the circumstances we are able to communicate loud en clear with various parties such as the customer, the subcontractors and the rest of the Oceanteam organisation.”

KCI receives subsidy for prototype Double Slip Joint


KCI receives subsidy for prototype Double Slip Joint
Oceanteam’s subsidiary KCI the Engineers has been awarded with a subsidy from Dutch consortium Knowledge and Innovation, Wind at Sea (TKI - WoZ) for the further research & development of its promising Double Slip Joint (DSJ) concept. The DSJ is a smart alternative to grouted or bolted connections between the transitional piece and monopile for offshore wind turbines. 
 
In the Double Slip Joint concept, two sets of steel rings with matching conical surfaces are integrated into the standard cylindrical tubes of the Monopile (MP) and the Transition Piece (TP). The TP is installed by lifting it over the MP. Contact is made concentrated at two sets of rings, which have a small taper angle of about 2⁰ and an exact fit. Thus providing a well-defined self-locking steel on steel connection after installation of the TP.
 
The tower, nacelle, blades can be installed immediately. In the DSJ concept, the TP will automatically settle under the gravity loads and operational turbine loads within a short period of time, to reach a final stable locked condition, rigidly connected to the pile, as if “welded” together. With the DSJ, there are two options for the connection with the MP: above the water and below the splash zone, with the so-called “inverted” DSJ.
 
One of the most appealing benefits to the industry will probably be the short installation time, resulting in a sharp decrease of installation costs.
 
Scale steel prototype
KCI will use the subsidy for designing, testing and the validation of a medium scale steel prototype by comparing the self settling behaviour to previous smaller plastic prototypes. Besides, the company will test effects of larger scale, the use of steel and the prototype fabrication method. KCI has teamed up with Van Oord Offshore Wind Projects and SIF for the further development of the innovative concept.
 
Read more about DSJ’s impressive advantages here.

Meet Oceanteam Solutions at WindEnergy Hamburg


Meet Oceanteam Solutions at WindEnergy Hamburg
This week, you can meet Oceanteam Solutions at WindEnergy in Hamburg, world’s leading expo for wind energy. Here, more than 1,200 exhibitors will present their products and services in nine exhibition halls.
Visitors can find Oceanteam at stand 102 in Hall B4. At the stand, Oceanteam can provide you with the latest details on solutions in relation to offshore cable laying, umbilical installations and on- and offshore storage and transport.

Lex van Doorn, Managing Director Oceanteam Solutions, “We are delighted to be a part of WindEnergy for the third time in a row. We are looking forward to meet other inspiring people and companies from the industry. Curious about what we can do for your offshore wind projects? Don’t hesitate to visit our stand or make an appointment. We are happy to inform you about all our complete range of solutions.”   

Oceanteam Solutions focuses on the worldwide transport, handling and storage services under the Oceanteam umbrella and in close collaboration with Oceanteam’s other business units. The division has a long track record in cable and umbilical services. It has a pool of experienced staff plus equipment, vessels and engineering capabilities to provide a complete range of DNV ISO certified solutions. The company has successfully executed over 50 cable transport, handling and storage projects. It currently offers facilities in Europe, the Middle East and Asia and is expanding its network.
 
Appointments
Visitors who would like to make an appointment can contact Marketing & Sales Manager Saskia Tans at  saskia@oceanteamsolutions.com.

WindEnergy will take place from 27-30 September at The Hamburg Fair site and CCH – Congress Center in Hamburg. You can find Oceanteam at stand 102, in Hall B4.

Oceanteam ASA - Solutions wins a long-term contract for cable storage


Oceanteam ASA - Solutions wins a long-term contract for cable storage
Oceanteam Solutions has been awarded a long-term contract to supply an Offshore Transmission Owner (OFTO) with port facilities, loadouts and storage of cables at Oceanteam’s own cable storage facility in Velsen Noord, The Netherlands.
The transpooling of the cable will be performed by our professional cable handling crew end of this month. The cable will be transferred to a 120T liftable cable basket, designed and engineered by Oceanteam Solutions, for storage up to 20 years.

Our cable storage facility is situated immediately behind the North Sea locks of IJmuiden, in the direct proximity of Amsterdam. The harbor is only 1.5 NM inward from sea and berths are safe and free of tidal movement. Another major benefit of the area is the easy accessibility for all modalities, such as good shipping possibilities to the inlands of Europe. The facility furthermore benefits from a vast network of skilled cable handling crew and engineers and has most specialist cable transfer, storage and installation equipment readily available. Cable storage units (static tanks, turntables, cable baskets, reels) can be placed at every desired position and in every size.

"We are very pleased with this contract and to have the opportunity to welcome another client to our storage facility. With our support on this long-term project it again shows the demand of a cable storage hub, with direct access to the North Sea, and the fully integrated range of services Oceanteam Solutions offers,” says Lex van Doorn Managing Director of Oceanteam Solutions.

Oceanteam manages to extend two vessel contracts


Oceanteam manages to extend two vessel contracts
With an oil price that fluctuates between 40 and 50 dollars per barrel, many players in the oil and gas industry are in dire straits. Investments in new projects are postponed until further notice or even cancelled. One of the consequences is an overcapacity of vessels worldwide. In these extremely difficult market conditions Oceanteam nevertheless managed to extend two vessel contracts, albeit at significantly reduced rates.
The CSV Bourbon Oceanteam 101 has started a new time charter contract in Angola. The contract is for a period of three years plus options. The project started in late August 2016. Prior, the vessel successfully completed a long-term charter with Oceaneering and BP Angola, followed by a dry dock period.
 
The CSV Southern Ocean, which has been on long-term bare boat charter with Fugro TSM Australia since its delivery in 2010, has been transferred to Shelf Subsea Australia. Our client recently concluded a buy-out with Fugro NV in The Netherlands. The vessel contract has been extended for five years until 2021. 

Pareto conference presentation 2016


Pareto conference presentation 2016
Please find attached Oceanteam's presentation at the Pareto Securities' Oil & Offshore Conference in Oslo, held on the 14th of September 2016.
The conference is the largest oil & offshore investor conference in Europe. Annually it attracts more than 100 presenting companies and some 1,400 investors and industry professionals. Several of the world's largest oil & offshore companies attend, including all leading European names.

Download the presentation here

New project manager Travis Malcolm: “It is fantastic to see everyone’s hard work pay off”


New project manager Travis Malcolm: “It is fantastic to see everyone’s hard work pay off”
We’re happy to introduce you to our newest team member, Travis Malcolm, project manager at Oceanteam Solutions. Four questions about the key responsibilities and the biggest challenges of his job.
1. What are the main responsibilities of a project manager at Oceanteam Solutions? 
“As with most project management jobs, my scope of work covers many areas: From the tender stage through execution and final delivery. I work closely with our administration and operational teams to manage and plan our resources. Further, I account for potential risks or issues and control quality to ensure we execute each phase safely, on time and within budget. Last but not least an important part of the job is to build and maintain a positive relationship with our clients as in the end we all strive for the same outcome.”
 
2. What were you doing professionally before this job en how did you come in contact with Oceanteam? 
“I was based in Singapore for the previous 4 years, working for an offshore Oil & Gas service provider, predominantly in Contract Management with a strong focus in project execution. My previous employer has had a long working relationship with Oceanteam, so when I moved to Amsterdam with my partner and an opportunity at Oceanteam came up, I felt this would be a great next step in my career.”
 
3. What is according to you the biggest challenge in your job? 
“Managing our resources across multiple countries, cultures, time zones and environments is probably the biggest challenge. There are many small pieces that need to fit into a complex and often changing puzzle. At the same time one has to maintain the big picture perspective, which is not always easy.”
 
4. What are you most proud of? 
“Being part of a team that is working toward one goal and accomplishing that goal in a safe and professional manner. It is fantastic to see everyone’s hard work pay off at the end when we deliver a project. We often work in challenging environments and with tight deadlines, but when everyone is working together efficiently it is quite enjoyable!”
 
5. Could you tell us a little bit more about the Pantos project – how are you involved? 
“This project involves the supply of demountable turntables, auxiliary equipment and professional cable handling crew for the transport of cables from Asia to Europe. I work across all facets, ensuring our resources and crews are available and in position for each phase: from the assembly of our turntables as they arrive in 40ft containers, to loading the cable in Asia and delivery of the cable in Europe. Ultimately, these cables will be installed subsea, connecting offshore wind farms to shore and delivering wind energy. It is very satisfying to see a project such as this through all phases.”

5 things you need to know about turntables


5 things you need to know about turntables
Did you know that submarine cables transmit 95% of all data? Cabling laying and transporting, however, are very complex operations. 5 things you should know about using turntables.
1. What is a turntable?

In offshore idiom, a turntable is also known as a cable carousel. It is a device developed for cable transport and cable laying at sea. Imagine a huge round construction that can rotate in various speeds, fixed on a vessel. On a foundation frame a ‘basket’ is mounted, able to load cables of different lengths, diameters and types (power cables, umbilical cables, fiberoptics). Depending on the selected turntable, the basket can be raised or lowered via jacking cylinders on the wheel sets so that during vessel transit the basket can be lowered into storage/sea fastening position. In case of cable laying at sea, the cable is lifted out of the basket by means of a ‘gooseneck tower’ on board of the vessel and precisely lowered by chute into the water, to eventually be deposited on the seabed.

2. Is cable laying big business?
 
Yes, it is. Submarine communications cables transmit ninety-nine percent of international data. In total, they are hundreds of thousands of miles long and can be as deep as the Everest is tall. On top of that, it’s more than a matter of dropping wires with anvils attached to them: the cables must generally be run across flat surfaces of the ocean floor, and care is taken to avoid coral reefs, sunken ships, fish beds, and other ecological habitats and general obstructions. The diameter of a shallow water cable is about the same as a soda can, while deep-water cables are much thinner—about the size of a Magic Marker. Cables located at shallow depths are buried beneath the ocean floor using high-pressure water jets. Though per-mile prices for installation change depending on total length and destination, running a cable across the ocean invariably costs hundreds of millions of dollars.

3. What is special about the turntables offered by Oceanteam Solutions?
 
In general, most turntables are fixed inseparable on a vessel. OTS’ turntables on the other hand are of a modular design, and can be build on an existing vessel according to client specifications and adapted in diameter to the size of the ship. All the components and all necessary equipment are prearranged in standard 20Ft. sea containers and self-sustained units, which means a complete turntable can be sent to the client anywhere in the world at regular sea fare rates.
 
4. Can Oceanteam Solutions offer additional services?
 
Unlike many other providers, Oceanteam can also provide long-term cable storage on shore. On top of that, Oceanteam features an on shore cable connecting/jointing facility, equipped with air and temperature controlled environment including two turntables.
 
5. Where can I find more information?
At http://www.oceanteamsolutions.com/turntables

Oceanteam ASA - Release of Q2 2016 report and presentation


Oceanteam ASA - Release of Q2 2016 report and presentation
Oceanteam builds backlog and deals with new realities

During the second quarter of 2016, Oceanteam made excellent progress towards achieving its long-term goals, including sustaining occupancy and the revenues of our shipping business unit under very challenging market circumstances. In addition, the Company opened up new worldwide market opportunities in markets such as the renewable energy and telecom industries, by further diversifying and accelerating our service-driven solutions, including engineering.

Oceanteam's Q2 results were once again solid, continuing the trend seen in the first quarter of 2016. In the second half of 2016, Oceanteam will continue its efforts to find new financial structures to lower the Company's cost of capital employed, freeing up resources to fund future activities and create room for a dividend pay-out to shareholders.

We entered into long-term charter agreements for our vessels CSV Southern Ocean and CSV Bourbon Oceanteam 101. Although at significantly lower rates than usual, due to market circumstances, the management team is very happy that it has been able to secure long-term revenue and charter occupancy.

In addition, Oceanteam Solutions' operations and service mix are growing as expected. In the second quarter, the Company managed to extend a number of existing contracts and was awarded several new contracts. Some of these contracts have attracted worldwide attention, in turn leading to increased traction on new inquiries. This segment of the Company has grown from a small unit into a solid source of revenues for the Company and a significant part of our business strategy. Oceanteam Solutions' operations are growing steadily and this is helping Oceanteam to deal effectively with the harsh environment that is defining both the oil and gas and offshore industries.

Since 2014, Oceanteam Solutions has expanded into four business pillars that are marketed worldwide. In addition to solutions for the renewables and oil and gas industries, Oceanteam has given the recently-launched Wheels division a kick-start. This new unit has already underscored its market presence by carrying out the installation engineering for the heaviest onshore lift in history for Dubai-I, the world's largest Observation Wheel. This is just one of the multiple projects and works in progress within the recently launched Wheels division.

The first half of 2016 saw our entire industry confronted with various obstacles and challenges. Market research still shows that the oil and gas industry will continue to be troubled. This shift in market equilibrium has rocked the boats of most players in the industry, including Oceanteam. While market conditions are throwing numerous barriers and even more hurdles for industry players to overcome, it also offers value-creating opportunities within several niche segments. We identified these opportunities years ago, and Oceanteam's investments and its efforts to open up those niche segments are now paying off. Q2 revenues were up 7 percent compared to Q1, proving that we are moving in the direction we are targeting.

With the renewables market showing strong growth and a positive outlook, Oceanteam is also expanding its geographical focus. Oceanteam Solutions recently signed a long-term agreement for consultancy and market representation in China with a firm that has a unique track record in Chinese offshore oil and gas and renewables activities. The cooperation covers projects related to offshore wind installations and support for power cable projects in China. This is a very exciting opportunity, as we are entering the Chinese market, which has enormous potential.

In addition to strengthening our revenue driven pillars, Oceanteam has also been working continuously to rationalise its operational cost base and structure and therefore the cost of its capital employed. Due to the sentiments in the industry, the financial markets and the Company's structure, Oceanteam is now stepping up its efforts to explore a possible change in its capital structure.

Oceanteam's performance in this second quarter was solid again. However, as communicated in our Q1 report, the Company has been exploring alternatives to refinance its current bond to reduce finance costs, fund future growth and establish a favourable dividend policy. As a consequence of the continued deterioration in market condition in the offshore oil and gas sector, Oceanteam has not yet succeeded in obtaining satisfactory alternative funding sources that will enable the Company to refinance its bond. 

The Board of Directors has therefore initiated a process to review all alternatives available to the Company, to secure sustainable financing. Such alternatives may include new debt and/or equity, restructuring the current bond, but we are also exploring other strategic options. The Board is planning to present further details and, if possible, a preliminary plan to shareholders, bondholders and other stakeholders by the end of 2016.

While new opportunities and increased and diversified business activities are creating unparalleled opportunities and therefore a positive outlook and good entrepreneurship, the Company is still faced with serious financial restraints. Falling asset values, regular liquidity squeezes and negative sentiment in the financial markets are forcing the management to continuously trim the Company's cost base, to deleverage in a disciplined manner and to use our resources carefully.

Oceanteam's stable operational performance and solid EBITDA reflect the viability of both the Company and its team. We believe that we have all the elements in place that will enable us to take full advantage when the oil and gas market recovers, and to grasp opportunities in new markets. 
 

Please find attached the complete Q2 2016 report and presentation. 

OCEANTEAM ASA - Q2 2016 REPORT
OCEANTEAM ASA - Q2 2016 PRESENTATION
 

Oceanteam ASA - CFO Torbjorn Skulstad to leave company as of November 2016


Oceanteam ASA - CFO Torbjorn Skulstad to leave company as of November 2016
Torbjorn Skulstad will leave offshore service provider Oceanteam ASA, the Norwegian-Dutch company with a listing on the Oslo stock exchange, as of November this year. Since May 2016, CEO Haico Halbesma has been assuming the tasks of CFO, following the prolonged sick leave of Mr. Skulstad. 
Oceanteam will present its Q2 accounts on 25 August 2016 at 8 am in the Hotel Continental in Oslo.

About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions. Oceanteam ASA has been active in the industry as an offshore solutions provider for over ten years.

DOT launches new website


DOT launches new website
DOT, the joint venture between Oceanteam and DIAVAZ, officially launched its new website: www.dotnaviera.com. On the brand new website, DOT gives a complete overview of its fleet, including the new large Construction Support Vessel Tampamachoco I. 
DOT owns and provides Deepwater Offshore Construction Service and Fast Crew Utility Vessels for the Mexican offshore market. End of 2014, the company successfully delivered two new built FSVs, the Cobos and Icacos, which are now both operational in the Gulf of Mexico.

Oceanteam’s fleet manager: “It is crucial to have a flexible and open-minded approach”


Oceanteam’s fleet manager: “It is crucial to have a flexible and open-minded approach”
Mathieu Feisthauer has been Oceanteam Shipping’s fleet manager since early 2015. Four questions about the main responsibilities and the biggest challenges of his job.
What are the main responsibilities of a fleet manager?

“In close contact with our CEO, I am in charge of all business related to Oceanteam Shipping. As Oceanteam Shipping is a very dynamic company, my scope of work is broad and goes far beyond technical and operational management. From managing the build of Tampamachoco I - our latest construction support vessel - in collaboration with our partner, to assisting our CEO with the development of new charter agreements and to supporting our vessel and operation management company in Mexico-  I act at every level.

What did you do before en how did you get in touch with Oceanteam?

“I worked for about eight years as a Superintendent for a container carrier company in France and for an offshore shipping company in the Netherlands. Back then, I was mainly involved in technical and day-to-day operation of various types of vessels. By the time I wanted to broaden my view on the shipping business and work closer to decision makers, Oceanteam offered me the opportunity to join their team and...here we are!”

What is, according to you, the biggest challenge in your job?

“I would say time pressure and dealing with the different approaches of our numerous partners located in different time zones. Due to the nature of the projects we are currently involved in, it is crucial to have a flexible and open-minded approach to deal with all happenings…all the more in a fast moving, global and multicultural context.”

 What are you most proud of?

[Laughs] “Dealing successfully with the above and under time pressure!  I’ve always wanted to work in a dynamic and international environment… I think I can check this of my bucket list!”

KCI and Oceanteam Solutions start cooperation with OFFCO to enter the Chinese market


KCI and Oceanteam Solutions start cooperation with OFFCO to enter the Chinese market
Haico Halbesma, CEO of Oceanteam ASA, Jan Willem van Bloois, Director Sales & Marketing of KCI the Engineers and Jan Rooswinkel, General Manager of OFFCO, recently signed a long-term representing and consultancy agreement. The cooperation applies to projects concerning Offshore Wind installations and cable lay operations in China, where Oceanteam Solutions and KCI will take care of the supply of marine equipment and engineering. 
OFFCO is an international company with both Dutch and Chinese partners, enabling it to build the bridge between the Netherlands and China. The firm has a unique track record in Chinese offshore oil and gas and renewables activities, build on a strong local market presence and contacts at all levels with Chinese companies and the Chinese authorities. OFFCO is also well connected with the leading Offshore Wind Energy Developers in China.
 
According to Van Bloois, the agreement is very promising: “Neither KCI nor Oceanteam has an extensive sales network in China, which is a notoriously difficult market to enter. OFFCO knows the Chinese market and speaks the language. At the same time it is a partner that we have known very well for many years.”
 
Halbesma adds: “Through Oceanteam’s close co-operation with subsidiary KCI, we can provide OFFCO with a complete package of full design, engineering and consultancy services together with specialised marine equipment and cable handling expertise.”
 
Thanks to its unique knowledge and engineering skills, KCI can help OFFCO to strengthen its innovative capacity. “We can effectively support OFFCO to develop new ideas and new technologies, so this is really a win-win game”, Mr. van Bloois states.
 
Currently, Oceanteam Solutions, KCI and OFFCO collaborate on an offer for a major renewable energy project in China.

Oceanteam Shipping appoints new Company Captain


Oceanteam Shipping appoints new Company Captain
As of June 1, 2016, Holger Reurslag joined Oceanteam Shipping as Company Captain. With a maritime career stretching over 25 years, the new Company Captain has extensive experience in the offshore construction, drilling and production sector. Before accepting this new challenge, Reurslag worked among others for Seadrill and for an international owner and operator of FPSOs around the world. 
The Company Captain will be responsible for a wide range of (managerial) tasks, including the management of the vessel’s crew and the execution of quality, health, safety and environmental policies on board. He will report directly to Oceanteam’s management team.

Mathieu Feisthauer, fleet manager of Oceanteam Shipping, says he is ‘very happy to welcome such a broadly experienced professional on board’ and that he has ‘high expectations regarding Reurslag’s execution of this complex and demanding job’. Holger Reurslag states he is ‘proud to be a member of the highly professional Oceanteam family now’ and that he looks forward raising the quality bar wherever he can.
 
Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. It is part of Oceanteam ASA, that also offers expertise in (rental) marine equipment, cable logistics and design engineering (Oceanteam Solutions).

Oceanteam Solutions performs cable loadout in Asia


Oceanteam Solutions performs cable loadout in Asia
At this moment in Asia, our experienced Oceanteam Solutions crew is performing the transpooling of a cable into our 2000t demountable turntable. Earlier this year, 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.
An important element of the scope is the assistance during the cable loadouts in the appointed ports by supplying professional cable handling crew and equipment. After the loadout, the cable will be transported to Europe where it will be transpooled onto the installation vessel.

"We are very pleased that by combining high-end engineering know-how, cable handling expertise and specialised equipment, Oceanteam Solutions can serve as a one-stop-shop, generating significant time and cost benefits for our client," says Lex van Doorn, Managing Director of Oceanteam Solutions.
 
Oceanteam Solutions focuses on solution driven offshore services by combining strong engineering and equipment capabilities. This way it can support its clients’ offshore cable, pipeline and umbilical installations, transport and storage projects in the most beneficial way.

KCI supports heaviest onshore lift in history for Dubai-I


KCI supports heaviest onshore lift in history for Dubai-I
Oceanteam subsidiary KCI - the Engineers, recently carried out the installation engineering for the heaviest onshore lift in history for the Dubai-I, the world’s largest Observation Wheel. The spindle for the Dubai-I was lifted on it’s A frame end of May. The crane had to lift a record weight of 1835 tonnes. KCI has taken care of its concept, the basic and detailed design and the installation engineering. The spindle is the biggest ever build and was shipped from Abu Dhabi to Bluewaters Island in Dubai this spring.
The Dubai-I is one of the first successful projects of KCI’s recently launched Wheels division. With the newly launched division, the company gives its expertise in this field a more prominent place in the marketing strategy. The Wheels division now has become the fourth pillar in KCI's marketing strategy, next to Oil & gas, Renewables and Equipment. KCI has been involved in the development of over 15 Observation Wheels, geographically spread from New York to China.

Looking over the past decade, the company's track record in Observation Wheels is unparalleled. Over the past three years KCI has been involved in the design and engineering of two of world's largest Observation Wheels.

Marc Groenendijk, managing director at KCI, sees a big future for the freshly launched division. "The design of very large Observation Wheel is quite complex and pushes the boundaries of what is technically feasible. These projects require very high end engineering and specific experience. It are true multidisciplinary projects where of course structural expertise is key but also insights into mechanical engineering, drive systems, automation and control are of vital importance. Aspects as wind load, seismic activity, icing, dust etc. are important starting points for the development with respect to safety, life time and maintenance."

Challenges
"Every wheel is unique in its design, size, structure and environmental circumstances. It all depends on the area in the world where a new Observation Wheel will arise. We have designed wheels intended for installation on top of a building, wheels with a single pole support structure, wheels for high risk seismic areas, spokeless wheels etc. We love challenges and can provide our customers with a wide range of consultancy & engineering services such as Concept, Basic and Detailed Design, Fabrication Support and Installation Engineering."

About KCI
KCI is a multidisciplinary engineering firm providing full design, engineering and consultancy services for the market segments Oil & Gas, Renewables, Equipment and Wheels. KCI is a subsidiary of offshore service provider Oceanteam ASA. 

Oceanteam ASA - CEO Halbesma takes over CFO tasks


Oceanteam ASA - CEO Halbesma takes over CFO tasks
Offshore service provider Oceanteam ASA, the Norwegian-Dutch company with a listing on the Oslo stock exchange, announces that CEO Haico Halbesma (45, photo) is assuming the tasks of CFO until further notice. Current CFO Torbjorn Skulstad has been forced to relinquish his tasks due to illness. 
Halbesma, who previously worked as the company’s CFO, says in a brief note to the announcement: “We had already arranged the financial tasks differently back in late May, but now that Torbjorn is likely to be absent for longer than expected, I will assume his tasks with support from an interim group controller. We believe it is important to provide clarity on the matter for both our internal and external stakeholders.”
 
In line with the previously published Financial Calendar, Oceanteam ASA will publish its Q2 results as scheduled on 25 August 2016.

About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions. Oceanteam ASA has been active in the industry as an offshore solutions provider for over ten years.

Facts & figures: Oceanteam’s deep-water base in Velsen Noord


Facts & figures: Oceanteam’s deep-water base in Velsen Noord
Did you know we have a base with deep-water (9 mtr) quayside facilities in Velsen Noord, the Netherlands? Here, Oceanteam Solutions facilitates the submarine cable industry by offering a full and integrated range of services comprising cable storage, cable handling, and cable transport. The base is perfectly located, immediately behind the North Sea locks of IJmuiden.
The base can accommodate all sizes of vessels for short and long term storage and (de)mobilisation. It is a hub for ship-to-ship cable transfers and it has various sizes of turntables and static tanks readily available. Furthermore, Oceanteam Solutions offers cable transfer equipment and experienced cable handling crews.

Key details of our base:
  • non-tidal port
  • 400 meters of quay
  • maximum draught 12 meter
  • maximum beam 42 meter
  • 100 ton capacity crane on the premises, cranes with more capacity on request
  • closed compound under surveillance

Over the years Oceanteam Solutions has built up a broad client base worldwide, to which the company successfully rents out equipment and support the client’s offshore cable, pipeline and umbilical installations, transport and storage projects. 

About Oceanteam Solutions
Oceanteam Solutions focuses on solution driven offshore services by combining strong engineering and equipment capabilities. This way it can support its clients’ offshore cable, pipeline and umbilical installations, transport and storage projects in the most beneficial way. Oceanteam Solutions operates according the following standards: ISO 90001:2008, ISO 14001 and OHSAS 18001.

Oceanteam Solutions – successfully delivered cable lay spread


Oceanteam Solutions – successfully delivered cable lay spread
After a successful mobilisation of the spread in Poland, which included a 4000t demountable turntable and loading tower with built-in tensioner, the cable lay barge took off to Germany for start of the cabling project.
Oceanteam Solutions’ turntable series are designed for quick mobilisation. All system components are “plug and play” and interchangeable. The 4000t turntable and auxiliary equipment were delivered to the mobilisation site by trucks with subsequently the buildup of the turntable and loading tower on the quayside by our own technical crew. By doing so, the company generated significant cost benefits for their client.
 
In addition to the lay spread contract, the company also entered into a framework agreement to supply their client future equipment, transport and storage solutions, making Oceanteam Solutions their main partner and supplier of offshore cable laying and onshore storage.

About Oceanteam Solutions
Oceanteam Solutions focuses on solution driven offshore services by combining strong engineering and equipment capabilities. This way it can support its clients’ offshore cable, pipeline and umbilical installations, transport and storage projects in the most beneficial way. Oceanteam Solutions operates according the following standards: ISO 90001:2008, ISO 14001 and OHSAS 18001.

Oceanteam Solutions – extended contract with supply of 1500t basket for cable storage and handling


Oceanteam Solutions – extended contract with supply of 1500t basket for cable storage and handling
Oceanteam Solutions has extended a contract with one of their clients by supplying a 1500T cable basket and accompanying equipment for a storage and cable loadout project in Velsen, The Netherlands.
The 1500t cable basket will be used for long-term storage of cables and Oceanteam Solutions will also be assisting during cable loadouts with their experienced cable handling crew and equipment. The first cable loadout has already started at our storage base in Velsen, The Netherlands. 

"After several successful cable loadouts in Belgium we are very pleased that our client has once again selected Oceanteam Solutions to supply another storage and cable handling solution at our own base, says Managing Director of Oceanteam Solutions, Lex van Doorn''.

About Oceanteam Solutions
Oceanteam Solutions focuses on solution driven offshore services by combining strong engineering and equipment capabilities. This way it can support its clients’ offshore cable, pipeline and umbilical installations, transport and storage projects in the most beneficial way. Oceanteam Solutions operates according the following standards: ISO 90001:2008, ISO 14001 and OHSAS 18001.

Oceanteam ASA - Release of Q1 2016 report and presentation


Oceanteam ASA - Release of Q1 2016 report and presentation
Highlights for the quarter

Revenue from operations USD 14.8 million.
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.
  • 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.
  • 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.

OCEANTEAM ASA - Q1 2016 REPORT
OCEANTEAM ASA - Q1 2016 PRESENTATION


About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.

Oceanteam’s South Sailing Team 2nd at North Sea Regatta


Oceanteam’s South Sailing Team 2nd at North Sea Regatta
In May, the South Sailing team, sponsored by Oceanteam, won the second place overall in the SB20 class at the North Sea Regatta. The North Sea Regatta is the biggest sailing event in Northern Europe, which attracts more than 2500 sailors. The team, composed of the talented sailors Johan Ravier, Hélène Peroche, Alexia Barrier and Sal Halbesma, is very happy with the results after an intense battle.
The SB20 class ended up being the largest fleet, with 19 entries from five different nations (France, The Netherlands, the United Kingdom, Germany and Ireland). The first place was won by the Dutch team lead by Marco van Driel. Second runner up was the French South Sailing team and the British team, including Jerry Hill and Alan Hillam, came third.

The South Sailing team was sponsored by Oceanteam, Le Yacht Club de Cannes and LOCARAMA.
 

Oceanteam ASA - Annual Report 2015


Oceanteam ASA - Annual Report 2015
The year 2015 was a significant milestone in Oceanteam's company history, as it saw the introduction and finalization of a number of strategic initiatives and the building of a corporate profile aligned with our vision.

As a unified solution-driven company, focused on added value and client service, we are working from a solid and diversified platform. This has allowed the Company to exploit new and more economically feasible areas of the value chain and lower the Company's client and market risk. The measures taken in 2015 reflect Oceanteam's core activities and priorities, underpinning our role as a global and unique one-stop-shop with a clear commitment to our stakeholders.

We experienced a difficult and volatile period in the oil and gas market in 2015, and we have the outmost respect for the forces that are defining the market cycles. To maintain the required financial flexibility, the Company took various measures and made a number of changes through "The Next Step" project. This has reduced operational and overhead costs considerably, making Oceanteam far more scalable, effective and cost efficient. This is clearly reflected in our financial performance.

We believe the ability to be agile and adaptable in the current market is a prerequisite for further improvement of operations and corporate activities. It is also essential to our ability to identify new and sustainable business opportunities.

DOT Shipping in Mexico is one of our operations progressing above expectations and demonstrating sustainability and profitability.

This joint venture with one of the most experienced and recognized operators in the Mexican Gulf, Diavaz, has been very productive, with the delivery of two FSVs and one major Offshore Support Vessel under construction, with delivery expected at the end of 2016. All vessels are fully financed and are being built on the back of long- term contracts. In view of the exiting growth opportunities in the Mexican Gulf, we are confident that Oceanteam is ideally positioned to secure both short-term profitability and long-term growth.

Oceanteam is today one of the few companies in the world that combines both high-end engineering know- how, shipping expertise and equipment capabilities in one single service. This integration of different services throughout the Group, in combination with the Company's offshore shipping assets, boosted our operational, financial and strategic strengths in 2015. We believe these attributes will be even more valuable in the years ahead.

As we close the books on 2015, we do so with a sound financial foundation, a solid backlog and Oceanteam Solutions in a unique position to capitalise on the opportunities we believe will emerge in the years ahead and next cycle in this sector.

With kind regards,
Haico Halbesma
Chief Executive Officer

Please find the complete Annual Report 2015 here: 

ANNUAL REPORT 2015
 

About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.

Solutions wins contract to engineer and supply 4000T and 1100T turntables for cable handling


Solutions wins contract to engineer and supply 4000T and 1100T turntables for cable handling
Oceanteam Solutions has been awarded a contract to supply 4000T and 1100T turntables and auxiliary equipment for the storage, splicing and multiple loadouts of cables to a client at Oceanteam’s own base in Velsen Noord, The Netherlands.

 
Oceanteam Solutions is supplying engineering services, a professional cable handling crew and equipment for the complete project. A total of three cables will be delivered and spooled onto the two turntables. Subsequently, the cables will be spliced in Oceanteam Solutions’ custom-made workshop and then spooled onto a cable laying vessel. The engineering work has already been completed and mobilisation of the equipment started this month. 

"We are very pleased with this contract and our ability to support our client at such short notice. It shows our flexibility in delivering high quality engineering, custom made equipment and professional cable handling within a challenging time frame. We are looking forward to taking care of our client’s future cable storage, handling and transport requirements,” says Lex van Doorn Managing Director of Oceanteam Solutions.


About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.

An interview with Haico Halbesma, CEO of Oceanteam ASA


An interview with Haico Halbesma, CEO of Oceanteam ASA
Find out his view on the market, strategy and competitors.
Personal
 
What is your background?
 
“After finishing a business degree in Britain, in 1994 I joined offshore service provider Seateam Technology ASA, where I held various positions until 1998. From there on I was a director in various companies in the offshore service provider sector. After co-founding Oceanteam IRM in 2000, I became CFO in 2004. After Oceanteam IRM merged with DeepOcean in 2005, I became COO of DeepOcean’s operation in Mexico. In late 2005 I co-founded Oceanteam ASA and have been the CEO ever since.”
 
Do you own shares and bonds within the company?
 
“The Halbesma family owns 33% of the Oceanteam ASA shares, but no bonds.”
 
Competitive landscape
 
How would you describe the markets you are active in? Who are your main competitors? 
 
“If we look at our shipping business, we are a medium-sized player. That also applies to our engineering activities. In equipment though, I think we are one of the world’s largest players. We are dealing with different competitors and competing colleagues in all three sectors.
 
What makes our strategy really different is that we link our assets and our services as standard. It is important to underline that Oceanteam is a real niche player. We are active in various markets, but always as a provider of specialty services. Oceanteam is, quite simply, not in the business of commodity ships and commodity projects. We merely facilitate complex underwater construction work and that is what our ships are built to do. That's really our focus and that’s what makes us stand out from our competitors.
 
Being a niche player has two advantages. Firstly, the contracts are generally long-term. In the commodity segment, contract periods are usually shorter and it is often a spot market: there is always supply, regardless of the demand. That's clearly different in our segment.
 
When it comes to larger assets in particular, Oceanteam has a long backlog, where ships are already fully booked for the period to come. Secondly, we are less vulnerable when the market goes down, because there will always be a need for complex operationsin the field of inspection, repair and maintenance. Our risks are the normal operating risks for any company, such as a contract being cancelled or the bankruptcy of a partner.”
 
Why does Oceanteam have a low leverage compared to its peers?
 
“Oceanteam already deployed deleverage in late 2013 and has focused since on repaying external loans. We do so because we feel our cost of capital is too high. However, we are aware that deleverage can be at the expense of growth. So we grow primarily in the solutions business, which is lighter in terms of investment needs. In short, Oceanteam is heading from asset heavy to asset light growth.”


Strategy
 
When and why did you decide to change the strategy?
 
“That decision was taken in 2013 and rolled out in 2014 and 2015. We had realised the projects our end customers were involved in were becoming increasingly complex and more demanding. And the more complex the project, the greater the risks and the greater the chance the project costs would rise. So we asked ourselves: how can we reduce these risks for our end customers? It became clear that we needed both high-end engineering services and a broad range of standardised equipment. We think in this new set-up Oceanteam can actually create more value for our customers, just by doing things in a smarter way.”
 
What are the new-look company’s USPs?
 
“We know what our end customers are doing. And we use that knowledge to invest in the latest technology, procedures and other tools to provide them with maximum flexibility.”


Oil sector volatility has created significant market challenges. How are you dealing with this?
 
“Given the current developments in the oil & gas sector, this is indeed an insecure market. But Oceanteam is not only a shipping company – it is much more than that. We are a full service offshore solutions provider, so we can take advantage of all sorts of offshore developments. For example, we see growth in the market for offshore wind energy, FSV-operation and in the Gulf of Mexico. These are also the key focus areas for 2016 and beyond, alongside improving the capital structure.”
 
General
 
How does The Next Step programme add value for both clients and shareholders?
 
“Oceanteam started the The Next Step programme in October 2014 to make the company more efficient and able to meet our new strategy. We need to make use of the latest technology, procedures, quality and HSE control. In addition, project management and control tools are being improved so that our project and risk management are internationally recognised. This led to the development of standardised tools, software and procedures which have been rolled out through the entire group. As a result, our G&A costs have gone down significantly, project risks have been reduced and our level of service has increased, allowing us to provide a better service for a better price.”
 

Solutions awarded contract to supply equipment and services for cable transports and load outs


Solutions awarded contract to supply equipment and services for cable transports and load outs
Oceanteam Solutions has been awarded 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 will also assist during the cable load outs in the appointed ports by supplying professional cable handling crew and equipment. The demountable turntable systems will be delivered to the mobilisation site in 40ft containers and will be built up by our own technicians. By shipping the systems in containers, we offer our client huge cost savings.   

"We are very pleased that by combining high-end engineering know-how, cable handling expertise and specialised equipment, Oceanteam Solutions can serve as a one-stop-shop, generating significant time and cost benefits for our client," says Lex van Doorn, Managing Director of Oceanteam Solutions.

 
About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.

Oceanteam ASA - Release of Q4 2015 report and presentation


Oceanteam ASA - Release of Q4 2015 report and presentation
Highlights for the quarter
  • 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
Highlights for the quarter
  • 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.
     
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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. 


Please find the complete Q4 2015 report and presentation here: 

OTS INVESTOR PRESENTATION Q4 2015
Q4 2015 REPORT
 
 About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.

Oceanteam ASA - Reaches settlement over IP infringement proceedings issued against Sawicon AS


Oceanteam ASA - Reaches settlement over IP infringement proceedings issued against Sawicon AS
Oceanteam has reached an out of court settlement over an IP infringement case related to the Oceanteam ASA - North Ocean vessel series, which was filed against Sawicon AS in 2011.
The terms of the settlement are to remain confidential, but the company underlines that the settlement will have no negative effect on the company's results, operations and developments going forward.

"We are very pleased with this settlement and that the company can finally close this case. After 5 years in the Norwegian courts, the case status was at a point where there were still no final conclusions made on the subject matter of the case. Considering the different priorities of the company, we are pleased to now fully focus on providing offshore solutions, says CEO Haico Halbesma''.

The company would like to note that it considers taking further legal action against former board member and shareholder Aksel M. Okland of North Sea Shipping. This for the alleged misuse of the company's intellectual property, trade secrets and such for own interest, and allegedly having a conflict of interest while serving as a board member of the company and the misuse of the board's position and powers in the period 2006 and 2010. During this period important issues relating to this case incurred and were his responsibility while serving as a board member.

About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.

​Oceanteam ASA - CSV Bourbon Oceanteam 101 expected to be released early from Angola contract


​Oceanteam ASA - CSV Bourbon Oceanteam 101 expected to be released early from Angola contract
Oceaneering International Inc., the charterer of CSV Bourbon Oceanteam 101, has announced that a unit of BP has exercised its right, related to a Field Support Vessel Services contract between Oceaneering and BP for offshore work in Angola, to terminate its use of the chartered vessel Bourbon Oceanteam 101 at the end of May 2016. Prior to this notice, the work was scheduled to extend through the end of January 2017.
Following the release of the vessel BP and Oceaneering intend to redeliver the vessel to the owner. Under the terms of the charter contract, the costs incurred and associated with an earlier release and demobilization of the vessel are to be reimbursed to the owner. CSV Bourbon Oceanteam 101 is owned 50/50 through a joint venture between Bourbon Offshore Norway AS and Oceanteam ASA.
 
About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions' focus is to provide its clients with complete offshore solutions. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.

Oceanteam Solutions – contract awarded for supply of 2500t onshore turntable


Oceanteam Solutions – contract awarded for supply of 2500t onshore turntable
Oceanteam Solutions has been awarded a contract for supplying a 2500T onshore turntable and accompanying equipment for a storage and cable loadout project in Belgium.
The turntable will be used for storage of cables and Oceanteam Solutions will also be assisting during cable loadouts with their cable handling crew and equipment. The mobilisation and buildup of the turntable have already started and operations are planned beginning of 2016. 

"We are very pleased that once again, with this contract award, we can support our client on their project and are looking forward to assisting them on future operations, says Managing Director of Oceanteam Solutions, Lex van Doorn''.

About Oceanteam Solutions
Oceanteam Solutions focuses on solution driven offshore services by combining strong engineering and equipment capabilities. This way it can support its clients’ offshore cable, pipeline and umbilical installations, transport and storage projects in the most beneficial way. Oceanteam Solutions operates according the following standards: ISO 90001:2008, ISO 14001 and OHSAS 18001.

Oceanteam Shipping ASA – announces corporate name change to Oceanteam ASA


Oceanteam Shipping ASA – announces corporate name change to Oceanteam ASA
As a result of the successful implementation of the Company’s diversification strategy, Oceanteam Shipping ASA as of today will change its name to Oceanteam ASA, reflecting the Company’s growth in solution driven services.
Since 2005 Oceanteam Shipping ASA has provided offshore shipping services to its clients globally through the owning, chartering and managing of Deepwater Offshore Construction Service and Pipe Lay Vessels, Design Engineering and Equipment Rental Services. While historically operating mainly in the shipping offshore segment, Oceanteam Shipping ASA a few years ago saw the economic benefits of diversifying its operations, and therefore, in disciplined manner, began to implement its new diversification strategy, step by step. Oceanteam has through its Solutions segment created a successful foundation to lower the Company’s market risk exposure and exploit the economic benefits of other areas in the value chain.

Oceanteam is today among one of the few companies in the world that combine both high-end engineering know-how, shipping expertise and equipment capabilities into a single service. Now is the time for the Company to align its strategy and operational expertise with its external appearance, and to present a new name that reflects the Company’s core activities and vision. With this measure, the Company is underpinning its role as a global and unique one-stop-shop and its commitment to its stakeholders. Oceanteam ASA is confident that despite the challenging market conditions, the diversified business model will allow the Company to maintain and improve its performance.

About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.

Keel Layed for Oceanteam’s subsidiary DOT Shipping new large CSV Tampamachoco I


Keel Layed for Oceanteam’s subsidiary DOT Shipping new large CSV Tampamachoco I
The keel has been laid for DOT Shipping's new large offshore construction support vessel that is under construction.
Keel laying is, besides launching, commissioning and decommissioning, one of the four specially-celebrated events in the life of a ship. The construction of the Tampamachoco I is progressing as planned. The large offshore construction support vessel, that is due for delivery at the end of 2016, is fully financed and has secured a long-term time charter in Mexico.
 
Keel-related traditions are said to bring luck to the ship during the construction and to the future captain and crew. They include placing in a newly minted coin under the keel and constructing the ship over it, having the youngest apprentice to place the coin, and when the ship is finished, presenting the owners with the oak block on which the keel is laid.
 
Joint venture
DOT Shipping has a 50-percent interest in this new large build construction support vessel and is owned through a joint venture between DOT Shipping and Pacific Radiance (headquartered in Singapore). The investment comes with an option to buy the remaining 50 percent after a period of seven years against agreed terms. Through the partnership and joint vessel ownership with Singapore, stock listed Pacific Radiance Ltd., DOT Shipping has secured a long-term partnership with a highly competent and strong partner

Oceanteam Cable Solutions successfully performed cable loadout at Velsen Noord base


Oceanteam Cable Solutions successfully performed cable loadout at Velsen Noord base
Oceanteam Cable Solutions, based in the Netherlands, has successfully finished a cable loadout at our facilities in Velsen Noord. The cable was transferred from Oceanteam’s cable basket to a cable repair vessel from where the client will use the cable for a repair job
The cable loadout is part of a long-term contract under which Oceanteam Cable Solutions supplies the client with port facilities, offloading and storage of cables. The success of this loadout reflects in the Customer Satisfaction Survey we got back from our client, mentioning the excellent equipment and extreme flexibility we have shown.

Oceanteam Cable Solutions is pleased with this feedback and looks forward to cooperate with the client on future projects. It shows the demand of a cable storage hub, with direct access to the North Sea, and the fully integrated range of services Oceanteam Cable Solutions offers.

Oceanteam Solutions


Oceanteam Solutions
We have adapted our corporate identity to suit the solution driven services we have to offer our clients under the Oceanteam umbrella. As of now, our marine assets division RentOcean will serve you under the name Oceanteam Solutions, where we combine both high-end engineering know-how and equipment capabilities into a single service for our clients.

Release of q3 2015 report and presentation


Release of q3 2015 report and presentation
Highlights for the quarter
  • Revenue from operations USD 11.9 million
  • EBITDA from operations USD 6.0 million
  • Operating profit of USD 2.7 million
  • Net finance negative USD 2.9 million
  • Net result for the quarter before revaluation changes is negative USD 0.2 million due to the bankruptcy of our client Ceona, legal and demobilization cost.
  • The construction of a large offshore construction support vessel for DOT Shipping is progressing as planned and the two newly delivered FSV's are in operation in Mexico. All vessels are fully financed and have secured a seven year firm time charters upon delivery.
  • The prolonged downturn in the oil and gas market is affecting our asset values negatively, but the Company is now reaping the benefit of a modern fleet with strong contract coverage into 2017 & beyond.
  • To complete its value chain, Oceanteam has acquired the remaining 48% stake in Oceanwind BV. The company is renamed Oceanteam Cable Solutions and will be a full services provider focusing on transport, handling and storage of power and fiber optic cables and umbilicals globally.
  • To support this growth Oceanteam/RentOcean secured a EUR 15 million revolving term loan facility and a crane lease for CSV Southern Ocean refinanced at more favourable terms.
  • Oceanteam/RentOcean has entered into a strategic contract in Germany for the supply and engineering of a cable lay spread in combination with a frame agreement for future equipment, transport and storage services.
  • 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.
  • Oceanteam Shipping's CSV and FSV fleet is fully operational and all vessels have contract coverage until early 2017 and beyond.
  • Oceanteam's investment through TNS has developed the organizational capabilities and made the cost structure more efficient, and aligning the organization further to be in line with latest market developments in the oil and gas segment.

Subsequent events
  • Oceanteam Shipping acquired two new FSVs with guaranteed buy back option from builder. Delivery is early 2016
  • LOI received for major cable transport and storage projects in 2016

OCEANTEAM SHIPPING ASA - Q3 2015 REPORT
OCEANTEAM SHIPPING ASA - Q3 2015 PRESENTATION

Invitation to investor presentation


Invitation to investor presentation
Oceanteam Shipping ASA cordially invites you to attend a corporate presentation of the company's  Q3 2015 results.
The presentation will be held in Oslo:

Thursday, 12 November 2015, 08:00 CET
Hotel Continental
Stortingsgaten 24/26
N-0117 Oslo

To participate please RSVP to:
info@oceanteam.noundefined

ISO certifications: excellent service guaranteed


ISO certifications: excellent service guaranteed
At Oceanteam, we demonstrate our commitment to delivering excellent service in a sustainable manner and with due consideration for everyone’s safety through ISO certification.
 
This means that Oceanteam is consistently measured against the following standards: ISO 9001:2008 (quality), ISO 14001:2004 (environmental management) and OHSAS 18001:2007 (health and safety management). It is our standard practice to internally audit our projects regularly to ensure we deliver high standards. And we are also independently audited on a regular basis by approved certification body DNV-GL.
 
All facets of our business are incorporated in our Integrated Management System (IMS) in order to document the company’s best business practices, to achieve the requirements and expectations of the customer, and to improve the overall management of the company. Project team meetings are held regularly to discuss job safety, quality, scheduling and planning, environmental improvement and customer satisfaction. All of this ensures we constantly meet customer quality requirements, continually improve our operations and determine if work methods are efficient. We believe through this commitment we can provide long-term benefits to our valued clients, suppliers and employees.

 

Pareto conference presentation 2015


Pareto conference presentation 2015
Please find attached Oceanteam's presentation at the Pareto Securities' Oil & Offshore Conference in Oslo, held on the 3rd of September 2015.
The conference is the largest oil & offshore investor conference in Europe. Annually it attracts more than 100 presenting companies and some 1,400 investors and industry professionals. Several of the world's largest oil & offshore companies attend, including all leading European names.
Download the presentation PDF.

New large CSV Tampamachoco 1 under construction


New large CSV Tampamachoco 1 under construction
Building a large offshore construction support vessel for DOT Shipping is progressing as planned. The vessel, due for delivery at the end of 2016, is fully financed and has secured a long-term time charter in Mexico.
DOT Shipping has a 50 percent interest in this new construction support vessel which is a joint venture between DOT Shipping and Pacific Radiance (headquartered in Singapore). The investment comes with an option to buy the remaining 50 percent after seven years against agreed terms.
 
Through the partnership and joint vessel ownership with Singapore-listed Pacific Radiance Ltd, DOT Shipping has secured a long-term alliance with a highly competent and strong partner.
 

Strategic contract awarded with Bohlen & Doyen


Strategic contract awarded with Bohlen & Doyen
Oceanteam Solutions, part of Oceanteam Shipping ASA's solutions division, has been awarded a contract with Bohlen & Doyen GmbH to supply a lay spread for a cable laying project in Germany. The lay spread includes a 4000t demountable turntable and loading tower with built-in tensioner. The contract has a duration of one year, plus options.
In addition to the lay spread contract, the company has also entered into a framework agreement with Bohlen & Doyen GmbH for future equipment, transport and storage deliveries, making Oceanteam Solutions their main partner and supplier of offshore cable laying and onshore storage.
Bohlen & Doyen GmbH is part of the SAG Group , one of the leading service and system suppliers for electrical power, gas, water and communication networks.

"Oceanteam Solutions has collaborated successfully with B&D several times in the past. We are very pleased they picked us to be their main partner for cable laying equipment, including related engineering and onshore storage," said Lex van Doorn  , Managing Director of Oceanteam Solutions.

Westermeerwind project completed


Westermeerwind project completed
KCI & Oceanteam Solutions cooperate successfully in design & build contract

 
The installation of cables for the near-shore Westermeerwind farm has been completed. KCI and Oceanteam Solutions successfully cooperated on a design and build contract for the loading portal and power quadrant.
Westermeerwind farm is being developed in the waters of the IJsselmeer along the dykes of the Noordoostpolder region, one of the windiest locations in the Netherlands. The wind farm will comprise 48 3MW wind turbines arranged in two rows along the Westermeer dyke and one row along the Noordermeer dyke. The wind farm will generate around 144MW of power, sufficient for approximately 160,000 households.
 
The project is special in that it was set up by two residents and  no big utilities are involved. All those living in the area were able to buy shares in the wind farm under favourable conditions. The Westermeerwind farm is part of the largest near-shore wind farm in the Netherlands.
 
The contract to build the turbine was won by VBMS, a joint venture between Royal Boskalis and Volker Wessels. KCI and Oceanteam Solutions designed and built the loading tower and power quadrant. As the Westermeerwind farm is located near-shore in shallow waters, a big installation vessel was not an option. Instead, KCI and Oceanteam Solutions designed the equipment for installation on a barge. The loading portal can move over the barge and pull cables out of four static tanks. KCI designed the cable lay system from scratch. It was built under supervision of Oceanteam Solutions at VDR (Van Dijk Ruijgrok) in Anna Paulowna in the province of Noord-Holland.

Oceanteam Solutions completed LS Cable Project


Oceanteam Solutions completed LS Cable Project
2000T/4000T Turntable comes available
In mid May, Oceanteam Solutions’s 2000t/4000t demountable turntable will become available for offshore installation, transport and/or onshore storage in the UAE.
The new demountable turntable system has been successfully used to load and transport 2x50 kilometres of power cable on the Hanjin Pioneer from South Korea to Qatar.

This modular system can be delivered to mobilisation sites in 40 ft containers. As a result, the equipment can be transported by sea and road to any port in a highly cost-effective manner. All system components are ’plug and play’ and interchangeable. The 4000t turntable is delivered in such a manner that it can be downsized to a 2000t load capacity turntable within a short period of time.