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.
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
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 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.
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.
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.
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 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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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:
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."
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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 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.
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.
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.
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
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.
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.
KCI has launched an innovative new joint method for the renewables market: the Double Slip Joint concept. KCI’s Double Slip Joint (DSJ) is a smart alternative to grouted or bolted connections between transition pieces and monopile foundations for offshore wind turbines.