As previously announced, Oceanteam has successfully concluded the divestment of its shipping assets that were active in the oil & gas segment.
The first half year results reflect this divestment and include costs associated with it, such as full repayment of bank loans costs, costs of the internal reorganization and other related expenditure.
Revenue from the remaining Solutions activities has significantly improved which together with the exit from Shipping leaves the company in a stronger position with significantly reduced liabilities and a cash position that will facilitate careful review of strategic opportunities in the growing renewable energy industry.
Oceanteam is an independent offshore cable-solutions provider. With a large asset-base of carousels, loading towers, tensioners and other ancillary equipment as well as a large team of competent cable handling crew, the company supports the marine cable industry with a variety of services such as short- and long-haul cable transport, cable storage, cable logistics and cable handling solutions on a global basis. Oceanteam’s deepwater base in Velsen, the Netherlands, is a strategically placed cable-hub where the company conducts mobilisation and demobilisation activities, provides long- and short-term cable storage capacity and facilitates the offshore renewables sector with integrated cable handling solutions. Oceanteam is Lloyd’s ISO certified.
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