Oceanteam ASA ("Oceanteam" or "Company") is pleased to announce that the Company has reached an agreement with the Halbesma Family and the companies affiliated with them and has secured their support for the proposed comprehensive re-financing plan, which will be voted upon as part of the agenda on the extraordinary general meeting of shareholders to be held today, 13 April 2018, Friday (“EGM”).
Reference is made to the notice of an extraordinary general meeting (“EGM”)of Oceanteam ASA ("Oceanteam" or "Company") to be held on 13 April 2018 concerning the proposal to refinance the Company and the letter to the shareholders and attached presentation (“Presentation”) of 10 April 2018.
Amsterdam (the Netherlands)/ Bergen (Norway), 9 April 2018, Oceanteam ASA ("Oceanteam" or "Company") has reached a preliminary agreement with Keesjan Cordia today to take a substantial shareholding in Oceanteam and to strengthen the Board of Directors of the Company
Oceanteam ASA ("OTS", or "Company") announces today that the Board of Directors has appointed Meindert van Genderen as Interim CEO of the Company
Mrs Int Pos has offered her resignation forthwith as Board Member of Oceanteam ASA, effective immediately.
In order to mitigate against further repercussion against the Company and to diffuse the misinformation that is circulating currently, Chairman of the Board Mr. Hessel Halbesma offered his resignation forthwith as Chairman of the Board of Oceanteam, effective immediately.
Amsterdam (the Netherlands), 15 March 2018 - Oceanteam ASA ("OTS", or "Company") announces today that the CEO of the Company Haico Halbesma has decided to step down from his position effective 30 March 2018. The Board has respected his decision but also requested that he will remain available as an advisor to the Company and the Board.
Following a dispute with KPMG Bergen on commercial matters, Oeanteam ASA (OSE trading symbol: "OTS"; hereinafter "Oceanteam" or the "Company") has suspended the services of its auditor KPMG Bergen followed by a disputed withdrawal of KPMG Bergen as auditor of the Company. Shortly after the Company released the announcement that it received a notice (the "Notice") from the Norwegian Register of Business Enterprises that the Company was requested to appoint and register a new auditor within four weeks as from 20 January 2018.
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
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
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.
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
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.
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.
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.
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.
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.
Find out his view on the market, strategy and competitors.
Highlights for the quarter
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.