The Board of Directors of Oceanteam ASA ("Oceanteam" or "Company") today announce that it has appointed Michael Timson as Interim Chief Executive Officer (“CEO”) of Oceanteam with effect from 1 March 2023.
With reference to the announcement on a potential combination with Passer Group and subsequent to the due diligence process, the Board of Directors of Oceanteam
ASA (“Company”) advises that parties have mutually concluded to discontinue negotiations and not to pursue the anticipated transaction since final agreement on the underlying economics could not be reached.
Further to the divestment of the shipping assets of Oceanteam ASA (“Oceanteam” or the “Company”) active in the oil & gas segment, CEO Henk van den IJssel has decided to step down from his current position effective 1 August 2021.
Oceanteam ASA (“Oceanteam” or the “Company”) and its joint venture partner Bourbon have reached an agreement to sell the construction support vessel Bourbon Oceanteam 101 (the “Vessel”), owned by the joint venture company Oceanteam Bourbon 101 AS (“Sellers”).
Oceanteam has been awarded a contract for the provision of a cable transport spread for a project in the German Baltic area which will commence in May 2021 and is expected to be completed in the summer of 2021.
The year 2020 has proven to be challenging for Oceanteam; primarily the shipping segment. Since the outbreak of the pandemic, the shipping segment has been confronted with cancellation of offshore projects, increased expenditures in crewing (quarantine with crew changes, testing ect) and class related capex. The difficult market circumstances in combination with persistent liabilities have accelerated management’s initiative to reposition the company and revitalise Oceanteam for future development in the energy transition and renewable market.
Oceanteam Bourbon 4 AS, a joint venture owned 50/50 by Oceanteam ASA (the "Company" or "OTS") and Bourbon Offshore Norway AS, has entered into a Memorandum of Agreement (Norwegian Sales Form) regarding the sale of the vessel CSV Southern Ocean the "Vessel Transaction". The sale is made subject to customary conditions and is expected to be completed in April 2021. After debt service, the sale of the vessel will generate a positive cashflow for the joint venture Oceanteam Bourbon 4 AS.
Oceanteam Solutions has been awarded a new contract for the transport and rental of a 2000T carousel spread required for umbilical installation in Asia. The mobilisation and departure from Oceanteam’s Velsen yard is planned in December 2020, to deliver the equipment mid Jan 2021 in Shenzhen (China), for umbilical installation during Q1 2021. Project management, engineering and operations will be provided by Oceanteam.
Oceanteam ASA’s Vessel Owning Companies agree with Financiers on Extension of Deferral under the Facility Agreement (the “Facility Agreement”) for the Bourbon Oceanteam 101 and Southern Ocean (the “Vessels”)
Further to the earlier announcement made at the Annual General Meeting of Oceanteam ASA (the “Company” or “Oceanteam”) on 7 May 2020 that board member Hendrik Johannes Jesse would not be available for a renewal of his board position, Mr. Jesse has informed the Company that he resigns from the board of directors (the “Board”) of the Company per 15 August 2020. The Board will as soon as practically possible call for an extraordinary general meeting of the Company for appointment of one additional director.
Oceanteam wishes to thank Mr. Jesse for his contribution to the Company over the last two years.
Oceanteam Solutions has entered into an agreement with a major cable manufacturer to provide cable transportation capability using a cable transportation and handling barge specially equipped for its tasks. The engagement will commence in April 2020 with completion in the first quarter of 2021 and optional extensions to take the contract well into 2021.
Oceanteam Solutions has entered into a three-year agreement for rental of its 4000Te carousel for the ultimate client Global Marine Group. The client has the option to extend this agreement with a total of five years. Start of project will be end of February 2020.
The Board of Directors of Oceanteam ASA ("Oceanteam" or "Company") today announced that it has appointed Henk van den IJssel as Chief Executive Officer (“CEO”) of Oceanteam with effect from 1 February 2020.
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.
The financial restructuring of the Group has been successfully completed. Both segments performed according to expectations and in combination with decreased financing costs after financial restructuring led to a return of profitability over the first half of 2019. Equity ratio improved further to 72 percent (H1 2018: 62 percent). Both vessels were under charter contract for the first half year of 2019. The Solutions division saw its business lagging in the first half of this year compared to 2018. Together, this led to the following results over the first half year of 2019:
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.
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.
The Board of Oceanteam ASA (the “Company”) is pleased to announce that the bondholders to the Oceanteam ASA Senior Callable Bond Issue 2012/2017 have agreed to convert their outstanding bonds with a total value of USD 5,175,523 into equity. By their willingness to convert their bonds into shares, the bondholders are aligned with shareholders in taking a positive long term view on the future of the Company. There will be no more bonds outstanding after conversion.
CSV Southern Ocean will support McDermott on their subsea installation project off the East Coast of India. Mobilisation of CSV Southern Ocean will start at the end of the year and the works are expected to be completed in the second quarter of 2019.
Oceanteam Solutions, in cooperation with Blue Offshore, has recently signed a contract with one of UK’s biggest energy companies for the supply of a barge equipped with a 5300t turntable and auxiliary equipment for the transport of cables from Norway to the Netherlands. The project is planned to be executed this month.
Oceanteam Solutions facilitates the submarine cable industry by offering its clients a full and integrated range of equipment and services for offshore cable laying on- and offshore cable storage, cable handling, and cable transport.
May 30th and 31st Breakbulk Europe takes place in the Messe Bremen in Germany. 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. The exhibition counts over 10,000 participants and 500 exhibitors. OTS will attend the exhibition for the fourth time in a row.
The contract for CSV Southern Ocean entered into in February 2018 has been further extended with one month firm. The client is granted additional extension options after expiry of the firm period. The Construction Support Vessel will continue to be assigned to multiple smaller projects within the APAC region.
Oceanteam Solutions has mobilized a 2000t turntable lay spread on the client’s cable lay barge which already had an Oceanteam Solutions’ 4000t turntable lay spread mounted on deck. The enlarged cable lay spread is now ready for client’s installation works which will take up to October this year, with optional extensions to the hire period. The mobilization is part of a larger contract for the supply of additional equipment and engineering services.
In 2017, Oceanteam Solutions was awarded a long-term contract to supply its client with port facilities, loadouts and storage of cables at Oceanteam’s own cable storage facility in Velsen Noord, The Netherlands. The 4-months extension follows a smooth cable transpooling from the client’s cable lay vessel to Oceanteam’s own cable storage carousels and a successful first year of storage.
Following three successful cable loadouts, Oceanteam Solutions, in cooperation with Blue Offshore, are in preparation for another loadout starting this Friday. Oceanteam and Blue Offshore will line-up a professional cable handling crew that are going to assist the client during the loadout. The entire spread - a barge equipped with a turntable that can hold up to 5300 tonne of cable – has been fully mobilised and available for operations at our client’s quayside and by that has proven to be very valuable.
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.
We refer to earlier stock exchange announcements as well as the notice of an extraordinary general meeting of Oceanteam ASA ("Oceanteam" or "Company") summoned on 13 April 2018 concerning the proposal to refinance the company.
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
In order to mitigate against further repercussion against the company and to diffuse the misinformation that is circulating currently, I wish to offer my resignation forthwith as Chairman of the Board of Oceanteam.
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.
The mobilization is part of a recently signed contract extension for the supply of additional equipment and engineering services. The 2000t turntable lay spread will be mobilised on client’s cable lay barge that already has an Oceanteam Solutions’ 4000t turntable lay spread mounted on deck. Upon arrival of the 2000t turntable by barge at client’s premises Oceanteam Solutions’ technicians have started customising both turntables by increasing the inner core to meet client’s cable specifications.
Oceanteam board members and ceo Haico Halbesma answer questions related to various publications, insinuations and allegations that have been published in the media since 2017.
Those have harmed the reputation of the company and have deeply questioned the integrity of the company’s leadership and its related governance and compliance procedures in place. For many reasons ceo Halbesma has never commented, until now.
The answers cover a wide spectrum of issues and are intended to separate the so-called Facts from Fables.
On 15 February 2018, in light of the current state of the market, DOT Shipping (a joint venture between Diavaz and Oceanteam) and Pacific Radiance Ltd have mutually agreed to terminate agreements, which were entered into on 9 October 2014, for purchase and bareboat chartering of the vessel Tampamachoco 1 (T1) without further liability to Diavaz-Oceanteam.
Oceanteam Solutions, in cooperation with Blue Offshore, has successfully executed the first cable loadout at client’s premises and more loadouts will follow later this year. The cable was transferred from client’s cable basket to Oceanteam's storage solution: a barge equipped with a turntable that can hold up to 5300 tonne of cable, a loading tower and smaller cable handling equipment.
CSV Southern Ocean secures a new contract and will start operations by mid of February 2018 for a firm period of 30 days and options to extend with 60 days. The Construction Support Vessel has been assigned to multiple smaller projects within the APAC region.
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.
With reference to the press release issued on 3 January 2018 Oceanteam ASA (Oceanteam), the Dutch - Norwegian offshore service provider, listed at the Oslo stock exchange, and Royal IHC (IHC), a Dutch privately owned global supplier of innovative and efficient equipment, vessels and sustainable services for the offshore, dredging and wet mining markets announce that the required conditions precedent have now been fulfilled.
Oceanteam ASA (Oceanteam), the Dutch – Norwegian offshore service provider, listed at the Oslo stock exchange, and Royal IHC (IHC), a Dutch privately owned global supplier of innovative and efficient equipment, vessels and sustainable services for the offshore, dredging and wet mining markets announce that Oceanteam and IHC have executed a signing protocol under the terms of which IHC will acquire all of the outstanding share capital of Oceanteam’s Dutch based engineering and consultancy company KCI the Engineers B.V. subject to certain conditions precedent through an agreed Sale and Purchase Agreement. The transaction is not subject to regulatory approval.
Oceanteam Solutions has recently signed a contract extension for the supply of additional equipment and engineering services. The 2000t turntable lay spread will be mobilised on the client’s cable lay barge that already has an Oceanteam Solutions’ 4000t turntable lay spread mounted on deck. Both turntables will work on the NordLink project until October 2018 with the option to extend for another year and a half.
Oceanteam owns, charters and manages high quality deepwater offshore support vessels and fast support vessels. This time in the spotlights: our CSV Southern Ocean, a high-end large deepwater offshore Construction Service Vessel (CSV) that is part of the North Ocean fleet.
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).
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.
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
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.
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.
- 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.