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 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 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”)
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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 ("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.
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 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.
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.
DOT, the joint venture between Oceanteam and DIAVAZ, officially launched its new website: www.dotnaviera.com. On the brand new website, DOT gives a complete overview of its fleet, including the new large Construction Support Vessel Tampamachoco I.
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.
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.
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.
Building a large offshore construction support vessel for DOT Shipping is progressing as planned. The vessel, due for delivery at the end of 2016, is fully financed and has secured a long-term time charter in Mexico.