In February 2020, Oceanteam entered into a three-year agreement for rental of one of its 4000-tonne carousels. Parties to the agreement have agreed on a contract variation whereby the carousel has been returned approximately one year early.
Hans Reinigert, CEO of Oceanteam, commented: “In view of increasing activity in the renewables segment and oil & gas industry, we expect that, with the return of one of our larger carousels, we will be able to take advantage of higher rates observed in the subsea cable and umbilical markets.
Oceanteam Solutions should thereby generate sufficient revenue to cover not only for the annual overhead costs of Solutions itself but also those of our investment platform. We are of the opinion this is a very realistic target and meeting the objective would lead to a cash neutral result for the group in 2022.
Following substantial losses in recent years, the turnaround of the company, that initially comprised a debt to equity conversion and later on the divestment of shipping assets as well as various cost reductions, has been completed.
All in all, the turbulent years are behind us and we look at the future with optimism. We are currently exploring several M&A opportunities in line with our strategic outlook and firm aim to improve shareholder value. Further updates on this process will be provided in due course.”
Oceanteam is an investment platform for marine and offshore assets with particular focus on the energy transition. Oceanteam Solutions is part of the Oceanteam group of companies and an independent offshore cable-services provider. With an asset-base of carousels, loading towers, tensioners and other ancillary equipment as well as a large team of competent cable handling crew, Oceanteam Solutions supports the marine cable industry with a variety of services such as short- and long-haul cable transport, cable storage and handling on a global basis.
Oceanteam is Lloyd’s ISO certified.
For further information about Oceanteam ASA please visit www.oceanteam.no or contact:
Hans Reinigert CEO Oceanteam ASA Telephone: +31 20 535 75 70 E-mail: email@example.com