The year 2015 was a significant milestone in Oceanteam's company history, as it saw the introduction and finalization of a number of strategic initiatives and the building of a corporate profile aligned with our vision.
As a unified solution-driven company, focused on added value and client service, we are working from a solid and diversified platform. This has allowed the Company to exploit new and more economically feasible areas of the value chain and lower the Company's client and market risk. The measures taken in 2015 reflect Oceanteam's core activities and priorities, underpinning our role as a global and unique one-stop-shop with a clear commitment to our stakeholders.
We experienced a difficult and volatile period in the oil and gas market in 2015, and we have the outmost respect for the forces that are defining the market cycles. To maintain the required financial flexibility, the Company took various measures and made a number of changes through "The Next Step" project. This has reduced operational and overhead costs considerably, making Oceanteam far more scalable, effective and cost efficient. This is clearly reflected in our financial performance.
We believe the ability to be agile and adaptable in the current market is a prerequisite for further improvement of operations and corporate activities. It is also essential to our ability to identify new and sustainable business opportunities.
DOT Shipping in Mexico is one of our operations progressing above expectations and demonstrating sustainability and profitability.
This joint venture with one of the most experienced and recognized operators in the Mexican Gulf, Diavaz, has been very productive, with the delivery of two FSVs and one major Offshore Support Vessel under construction, with delivery expected at the end of 2016. All vessels are fully financed and are being built on the back of long- term contracts. In view of the exiting growth opportunities in the Mexican Gulf, we are confident that Oceanteam is ideally positioned to secure both short-term profitability and long-term growth.
Oceanteam is today one of the few companies in the world that combines both high-end engineering know- how, shipping expertise and equipment capabilities in one single service. This integration of different services throughout the Group, in combination with the Company's offshore shipping assets, boosted our operational, financial and strategic strengths in 2015. We believe these attributes will be even more valuable in the years ahead.
As we close the books on 2015, we do so with a sound financial foundation, a solid backlog and Oceanteam Solutions in a unique position to capitalise on the opportunities we believe will emerge in the years ahead and next cycle in this sector.
With kind regards,
Chief Executive Officer
The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.