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’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”)
Oceanteam faced challenging market circumstances during the first half of 2020.
The EBITDA from Shipping segment was below the first half of 2019 resulting from decreased utilisation of BO101.
The Solutions segment showed significant growth which partially compensated the Shipping results.
About Oceanteam ASA
The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages two deep-water offshore construction support vessels. Oceanteam Solutions' focus is to provide its clients with complete offshore cable services.
Oceanteam ASA has been active in the industry as an offshore solutions provider for over fourteen years.
For further information about Oceanteam ASA please visit www.oceanteam.no or contact:
Henk van den IJssel, CEO
Telephone +31 20 535 75 70
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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.
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.
Oceanteam Solutions has entered into a three-year agreement for rental of its 4000Te carousel for the ultimate client Global Marine Group. The client has the option to extend this agreement with a total of five years. Start of project will be end of February 2020.
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.
Leidus Bosman, has expressed his intention to resign from Oceanteam and step down as CEO to pursue a new career opportunity outside the Company. The board of directors of Oceanteam extends gratitude to Mr. Bosman for his contribution to stabilise the Company in a crucial period of its development and wishes him well in his new endeavours.
As his successor, the Board is pleased to have Mr. Henk van den IJssel join and strengthen Oceanteam. He brings broad international experience in the offshore oil & gas subsea construction industry and in the offshore wind renewable market. Henk has a proven track record, latest as CCO of the DeepOcean Group and previously with Allseas and Acergy (now Subsea7), with a primary focus on business development, commercial management and strategy.
Under the existing terms of the Facility Agreement (the “Facility Agreement”) for CSV Bourbon Oceanteam 101 and CSV Southern Ocean (the “Vessels”), Oceanteam and Bourbon, the joint owners of the Vessels (the “Owners”), are allowed to defer repayment instalments under the Facility Agreement at no additional costs or covenants. In light of this pre-agreed mechanism, the Owners chose to create greater cash flexibility at an early stage whilst Vessels are on hire and to defer the January 2020 loan instalments until the end of the Loan facility in 2022. The funding, that becomes available as a result of the deferral will allow for greater cash flexibility and can be used to perform the operational maintenance program on both Vessels later this year if and when the vessels become available.