Under the existing terms of the Facility Agreement (the “Facility Agreement”) for CSV Bourbon Oceanteam 101 and CSV Southern Ocean (the “Vessels”), Oceanteam and Bourbon, the joint owners of the Vessels (the “Owners”), are allowed to defer repayment instalments under the Facility Agreement at no additional costs or covenants. In light of this pre-agreed mechanism, the Owners chose to create greater cash flexibility at an early stage whilst Vessels are on hire and to defer the January 2020 loan instalments until the end of the Loan facility in 2022. The funding, that becomes available as a result of the deferral will allow for greater cash flexibility and can be used to perform the operational maintenance program on both Vessels later this year if and when the vessels become available.
CSV Southern Ocean has been awarded two charters on offshore projects off the East Coast of India. The scope is a partial continuation of the scope that was initiated previous year.
Works on the first short term contract have commenced this month whereas the second, longer term contract is expected to commence in December 2019 and works are expected to be completed in the first quarter of 2020 with optional extension to take the contract well into 2020.
The extension follows a successful two and a half years of storage of client’s subsea cables in Oceanteam Solutions' 5300Te carousel at its cable storage facility in Velsen, the Netherlands. With this extension the contract will run well into 2020 with possible further extension options.
Oceanteam Solutions is pleased to announce that it has been awarded a contract for renting out two 2000t demountable carousels, technicians and engineering services to a client within the project logistics segment. The equipment and services will be used for subsea cable transport and loadouts that will take place from October this year until the beginning of next year.
The 6-months extension plus two times 3 months options follows a successful two years of cable storage in Oceanteam’s 1100t carousel at its cable storage facility in Velsen, the Netherlands. This extension is part of a contract that also includes long-term storage of client’s subsea cables in Oceanteam’s 5300t carousel.
CSV Southern Ocean will support Fugro for a Deepwater ROV subsea installation project off the coast of Sabah, Malaysia. Mobilisation of CSV Southern Ocean will start early July 2019 in Singapore and the works are expected to be completed sometime in the third quarter of 2019.
Oceanteam Solutions is pleased to announce that it has been awarded a contract for supplying a client with a cable lay spread from May until mid-October 2019, with extension options. The scope includes the hire of one of Oceanteam’s 2000t and 4000t turntables, two 10t tensioners and technicians for operations and maintenance activities.
As a result of the cyclone hitting the Indian coast early May, expected scope of work undertaken by the CSV Southern Ocean (“Vessel”) could not be finalized during the charter period. Both charterer (McDermott) and the Vessel owner, in concertation with next Charterer (Fugro), have agreed on an extension of the current charter to allow McDermott to complete its scope of work. All parties involved regret the situation that has arisen, which is beyond any parties’ control.
Oceanteam ASA (the “Company” or “Oceanteam”) and its Mexican partner Diavaz have reached an agreement to terminate the joint venture structure set up by the two groups (the ”DOT Group”), established in 2014 in order to service the Mexican offshore market, in which Oceanteam held 40 percent. Oceanteam’s stake will be taken over by Diavaz.
Reference is made to the stock exchange releases published by Oceanteam ASA ("Oceanteam" or the "Company") on 11 November 2018 regarding the agreement with the bondholders to convert the remaining outstanding bonds into equity in the Company and on 17 December 2018 regarding the conversion of the bonds, following which there were no bonds outstanding.
Oceanteam is pleased to announce a contract extension for two of its turntables well into 2019 with potential to extend beyond this firm period. With this contract Oceanteam Solutions’ 2000t and 4000t turntable will enter its third year of hire and reflects the cooperative partnership the two companies have had over the past years. The company additionally succeeded to extend one of its cable storage and handling contracts. These multiple extensions confirm Oceanteam’s excellent and pragmatic approach going forward in this expanding and promising cable market.
On Friday the 30th of November 2018, during an Extraordinary General Meeting in Bergen Norway, shareholders accepted the resolutions in which the Company is allowed to issue additional shares to convert its remaining bonds into shares and, secondly, authorizing the Board to issue new shares in order to support the growth ambitions of the Company.