​Further to the divestment of the shipping assets of Oceanteam ASA (“Oceanteam” or the “Company”) active in the oil & gas segment, CEO Henk van den IJssel has decided to step down from his current position effective 1 August 2021.

Oceanteam has been awarded a contract for the provision of a cable transport spread for a project in the German Baltic area which will commence in May 2021 and is expected to be completed in the summer of 2021.

The year 2020 has proven to be challenging for Oceanteam; primarily the shipping segment. Since the outbreak of the pandemic, the shipping segment has been confronted with cancellation of offshore projects, increased expenditures in crewing (quarantine with crew changes, testing ect) and class related capex. The difficult market circumstances in combination with persistent liabilities have accelerated management’s initiative to reposition the company and revitalise Oceanteam for future development in the energy transition and renewable market.

Oceanteam extends storage contract of 100+ kilometres subsea cable with one of Europe’s biggest cable manufacturers

Oceanteam Solutions has been awarded a new contract for the transport and rental of a 2000T carousel spread required for umbilical installation in Asia. The mobilisation and departure from Oceanteam’s Velsen yard is planned in December 2020, to deliver the equipment mid Jan 2021 in Shenzhen (China), for umbilical installation during Q1 2021. Project management, engineering and operations will be provided by Oceanteam.

Oceanteam ASA reports half year 2020 results.
 

 

Further to the earlier announcement made at the Annual General Meeting of Oceanteam ASA (the “Company” or “Oceanteam”) on 7 May 2020 that board member Hendrik Johannes Jesse would not be available for a renewal of his board position, Mr. Jesse has informed the Company that he resigns from the board of directors (the “Board”) of the Company per 15 August 2020. The Board will as soon as practically possible call for an extraordinary general meeting of the Company for appointment of one additional director.
 
Oceanteam wishes to thank Mr. Jesse for his contribution to the Company over the last two years.

The charter agreement of CSV BO 101 has been completed and the vessel is preparing for a maintenance programme to gear up for its next contract.

Oceanteam Solutions has entered into an agreement with a major cable manufacturer to provide cable transportation capability using a cable transportation and handling barge specially equipped for its tasks. The engagement will commence in April 2020 with completion in the first quarter of 2021 and optional extensions to take the contract well into 2021.

The Board of Directors of Oceanteam ASA ("Oceanteam" or "Company") today announced that it has appointed Henk van den IJssel as Chief Executive Officer (“CEO”) of Oceanteam with effect from 1 February 2020.

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.

The extension follows a successful two and a half years of storage of client’s subsea cables in Oceanteam Solutions' 5300Te carousel at its cable storage facility in Velsen, the Netherlands. With this extension the contract will run well into 2020 with possible further extension options. 

The financial restructuring of the Group has been successfully completed. Both segments performed according to expectations and in combination with decreased financing costs after financial restructuring led to a return of profitability over the first half of 2019. Equity ratio improved further to 72 percent (H1 2018: 62 percent). Both vessels were under charter contract for the first half year of 2019. The Solutions division saw its business lagging in the first half of this year compared to 2018. Together, this led to the following results over the first half year of 2019:

Oceanteam Solutions is pleased to announce that it has been awarded a contract for renting out two 2000t demountable carousels, technicians and engineering services to a client within the project logistics segment. The equipment and services will be used for subsea cable transport and loadouts that will take place from October this year until the beginning of next year.

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 Fugro on their project off the coast of Australia. Mobilisation of CSV Southern Ocean will start mid May 2019, immediately following its current charter with McDermott.

Oceanteam is pleased to announce a contract extension for two of its turntables well into 2019 with potential to extend beyond this firm period. With this contract Oceanteam Solutions’ 2000t and 4000t turntable will enter its third year of hire and reflects the cooperative partnership the two companies have had over the past years. The company additionally succeeded to extend one of its cable storage and handling contracts. These multiple extensions confirm Oceanteam’s excellent and pragmatic approach going forward in this expanding and promising cable market.

The Board of Oceanteam ASA (the “Company”) is pleased to announce that the bondholders to the Oceanteam ASA Senior Callable Bond Issue 2012/2017 have agreed to convert their outstanding bonds with a total value of USD 5,175,523 into equity. By their willingness to convert their bonds into shares, the bondholders are aligned with shareholders in taking a positive long term view on the future of the Company. There will be no more bonds outstanding after conversion.

Oceanteam Solutions, in cooperation with Blue Offshore, has recently signed a contract with one of UK’s biggest energy companies for the supply of a barge equipped with a 5300t turntable and auxiliary equipment for the transport of cables from Norway to the Netherlands. The project is planned to be executed this month.

Oceanteam Solutions facilitates the submarine cable industry by offering its clients a full and integrated range of equipment and services for offshore cable laying on- and offshore cable storage, cable handling, and cable transport.

Oceanteam Solutions in cooperation with Blue Offshore would like to introduce to you our cable storage solution. This solution has multiple advantages compared to typical onshore setups. 

Oceanteam Solutions has mobilized a 2000t turntable lay spread on the client’s cable lay barge which already had an Oceanteam Solutions’ 4000t turntable lay spread mounted on deck. The enlarged cable lay spread is now ready for client’s installation works which will take up to October this year, with optional extensions to the hire period. The mobilization is part of a larger contract for the supply of additional equipment and engineering services.

Following three successful cable loadouts, Oceanteam Solutions, in cooperation with Blue Offshore, are in preparation for another loadout starting this Friday. Oceanteam and Blue Offshore will line-up a professional cable handling crew that are going to assist the client during the loadout. The entire spread - a barge equipped with a turntable that can hold up to 5300 tonne of cable – has been fully mobilised and available for operations at our client’s quayside and by that has proven to be very valuable.

Reference is made to the notice of an extraordinary general meeting (“EGM”)of Oceanteam ASA ("Oceanteam" or "Company") to be held on 13 April 2018 concerning the proposal to refinance the Company and the letter to the shareholders and attached presentation (“Presentation”) of 10 April 2018.

Amsterdam (the Netherlands)/ Bergen (Norway), 9 April 2018, Oceanteam ASA ("Oceanteam" or "Company") has reached a preliminary agreement with Keesjan Cordia today to take a substantial shareholding in Oceanteam and to strengthen the Board of Directors of the Company

Mrs Int Pos has offered her resignation forthwith as Board Member of Oceanteam ASA, effective immediately.

Amsterdam (the Netherlands), 15 March 2018 - Oceanteam ASA ("OTS", or "Company") announces today that the CEO of the Company Haico Halbesma has decided to step down from his position effective 30 March 2018. The Board has respected his decision but also requested that he will remain available as an advisor to the Company and the Board. 

Oceanteam Solutions, in cooperation with Blue Offshore, has successfully executed the first cable loadout at client’s premises and more loadouts will follow later this year. The cable was transferred from client’s cable basket to Oceanteam's storage solution: a barge equipped with a turntable that can hold up to 5300 tonne of cable, a loading tower and smaller cable handling equipment.

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 ASA (Oceanteam), the Dutch – Norwegian offshore service provider, listed at the Oslo stock exchange, and Royal IHC (IHC), a Dutch privately owned global supplier of innovative and efficient equipment, vessels and sustainable services for the offshore, dredging and wet mining markets announce that Oceanteam and IHC have executed a signing protocol under the terms of which IHC will acquire all of the outstanding share capital of Oceanteam’s Dutch based engineering and consultancy company KCI the Engineers B.V. subject to certain conditions precedent through an agreed Sale and Purchase Agreement. The transaction is not subject to regulatory approval. 

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.
 

Oceanteam Solutions has recently signed a contract regarding the supply of a 5300T turntable, a loading tower and auxiliary equipment on a barge for the storage and multiple loadouts of subsea cables in the Netherlands. Furthermore, Oceanteam will accommodate a professional cable handling crew that will assist during the cable loadouts.

Next week, Oceanteam’s subsidiary KCI will be present at the Euro Attractions Show (EAS) from 24-28 September in Berlin, Germany. EAS is a major exhibition event for leisure and attractions industry professionals, including operators, suppliers, manufacturers, investors and developers from the global amusement community. More than 11,000 industry professionals are expected to attend.

Main financial indicators H1 2017

- Operating Income USD 16.8 million                   
- EBITDA: USD 6.8 million
- Operating profit: USD 0.9 million
- Net finance (positive): USD 22.4 million
- Net profit: USD 23.3 million, including
- An IFRS IAS 39 fair value effect of new bond loan of USD 29.7 million

With increasing speed, European countries are focussing on the transition from fossil energy to renewable energy. Wind at sea seems to play a leading role in this transition. This applies in particular to the Netherlands: In the country’s territorial waters five new wind farms will raise that will belong to the largest in the world. The main reason that wind at sea has such good cards: less and less government subsidies are necessary to develop wind farms.
 

As per 31 July 2017, Mr. D. (Diederik) Legger (1969) has been appointed as a member of the Board of Directors of Oceanteam ("the Company"), the Norwegian-Dutch offshore service provider listed on the Oslo stock exchange.

Oceanteam Solutions has been awarded a long-term contract to supply a company that performs the installation of marine power cables with a 2000T demountable turntable including engineering and personnel services.

Oceanteam ("the Company"), the Norwegian-Dutch offshore service provider announces that Mr. B. (Bote) de Vries (1958), who was appointed non-executive director during an EGM on 9 May 2017, has informed the Board of the Company and its bondholders to step down per 10 July 2017. This is only just two months after being on duty. Both have accepted his resignation. As from day one his particular responsibilities have required and will require more time than initially expected. Additionally, according to Mr. Bote de Vries, for now his role should be rather an executive role than a non-executive, since Oceanteam is still in the process of recruiting its new CFO.

Main financial indicators 2016

·       Operating income: USD 51.9 million
                     
·       EBITDA: USD 22.2 million   
                      
·       Operating loss:  USD  9.1 million

·       Net finance (negative): USD 11.9 million

·       Net profit (loss): USD 23.3 million

·       Additional adjustments (compared to Q4 2016 report):
        o       assets revaluation adjustment (negative): USD 17.8 million
        o       additional assets write off (negative): USD 1.0 million

​Mr. B. (Bote) de Vries (1958) has been appointed as Director of the Board of Oceanteam (“the Company”), the Norwegian-Dutch offshore service provider listed at the Oslo stock exchange. Mr. de Vries succeeds Mr. James Hill who stepped down and who has been a Director on Oceanteam’s Board since 2012.

Oceanteam Solutions has received a letter of intent from a cable producer in Europe to award a contract for the supply of a vessel, turntable and auxiliary equipment for the transport of cables from South Europe to Scandinavia to be executed in summer 2017.

At this year’s Oil & Gas Industry Forecast event, EY presented the 2016 Results Dutch Oilfield Services (OFS) Analysis. In this industry analysis EY looks into the financial results of 2016 and discusses the dynamics of the industry going forward. Conclusion: the oil and gas market remains challenging and companies should seize the opportunities in the offshore wind industry.

Today, a bondholders’ meeting took place where the amended and restated bond agreement (the “Bond Agreement”) between the bondholders and Oceanteam was agreed and executed.

April 25th and 26th Breakbulk Europe takes place in the Antwerp Expo in Belgium. Breakbulk is a networking event and conference for offshore shipping professionals, like cargo owners, ocean carriers, freight forwarders, ports/terminals, heavy haulers and equipment companies like Oceanteam Solutions (OTS). The exhibition counts over 7,600 participants and 400 exhibitors. OTS will attend the exhibition for the third time in a row.

Bejing based Huadian Heavy Industries has extended KCI's scope for the Offshore Wind contract that was awarded last December. Next to the design review, fabrication preparation, load out and installation engineering of an offshore substation, KCI, part of Oceanteam Solutions, will now also take care of the pile drivability analysis. 

Renewable energy accounted for 6.7% of worldwide electricity generation in 2015, aggregated at just over 24,000 terawatt-hours. More important: the proportion that comes from wind, geothermal, solar, biomass and waste is growing fast. Alone in 2015 it increased by 213 terawatt-hours, roughly equivalent to the total increase in global power generated. And in Europe it is wind turbines that dominate the scenery, The Economist's data team recently concluded. 

China’s National Energy Administration (NEA) recently announced major investments in renewable power generation in the coming years, the Guardian reports. The NEA expects the installed renewable power capacity including wind, hydro, solar and nuclear power to contribute to about half of new electricity generation by 2020. This again is a clear sign that world’s largest energy market continues to shift away from coal power towards cleaner fuels.

Oslo/ Amsterdam – 28 February 2017. Oceanteam ASA has recorded US$ 11.2 million revenues from operations and an EBITDA of US$ 2.8 million in the fourth quarter of 2016. Although faced with a nett loss of US$ 3.1 million in the fourth quarter of 2016, the Dutch-Norwegian offshore service provider is fully on track for future growth, says CEO Haico Halbesma who reached an agreement on new terms with its bondholders after 2016 year ending. As a result, Oceanteam ASA, will have a significantly improved free cash flow and structural lower interest costs as from January 1st 2017, creating a healthy foundation for further growth.