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.
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
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.
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.
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.
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
To participate please RSVP to:
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.
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.
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.
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.
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.
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.
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.
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.