Net result for the quarter before revaluation changes is negative USD 0.2 million due to the bankruptcy of our client Ceona, legal and demobilization cost.
The construction of a large offshore construction support vessel for DOT Shipping is progressing as planned and the two newly delivered FSV's are in operation in Mexico. All vessels are fully financed and have secured a seven year firm time charters upon delivery.
The prolonged downturn in the oil and gas market is affecting our asset values negatively, but the Company is now reaping the benefit of a modern fleet with strong contract coverage into 2017 & beyond.
To complete its value chain, Oceanteam has acquired the remaining 48% stake in Oceanwind BV. The company is renamed Oceanteam Cable Solutions and will be a full services provider focusing on transport, handling and storage of power and fiber optic cables and umbilicals globally.
To support this growth Oceanteam/RentOcean secured a EUR 15 million revolving term loan facility and a crane lease for CSV Southern Ocean refinanced at more favourable terms.
Oceanteam/RentOcean has entered into a strategic contract in Germany for the supply and engineering of a cable lay spread in combination with a frame agreement for future equipment, transport and storage services.
KCI design engineering has been awarded various contracts and maintains its backlog of projects in oil and gas, Offshore Renewables and Innovative Equipment & Structure both offshore and onshore.
Oceanteam Shipping's CSV and FSV fleet is fully operational and all vessels have contract coverage until early 2017 and beyond.
Oceanteam's investment through TNS has developed the organizational capabilities and made the cost structure more efficient, and aligning the organization further to be in line with latest market developments in the oil and gas segment.
Oceanteam Shipping acquired two new FSVs with guaranteed buy back option from builder. Delivery is early 2016
LOI received for major cable transport and storage projects in 2016