Pressreleases
OCEANTEAM ASA - REPORTS H1 2017 RESULTS
Aug 30 2017
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.Major events in H1 2017
As per 31 July 2017, Diederik Legger has been appointed as a member of the Board of Directors of Oceanteam. He is replacing Bote de Vries, who stepped down only two months after joining the Board as his Oceanteam responsibilities required more time than initially expected.
The services of Interim CFO Wilhelm Bøhn, hired as a consultant to perform certain specific tasks, were suspended.
Oceanteam initiated a financial restructuring in October 2016 and has since early 2016 developed and executed a restructuring plan that has secured a capital cost and structure which will support the value preservation and financial flexibility and value creation for all stakeholders.
Final loan agreement was fully closed with Oceanteam bondholders effective from 19 June 2017.
Oceanteam's joint-venture partner McDermott executed its option to purchase all of Oceanteam's remaining interest in North Ocean 105 AS, the company owning the LV North Ocean 105. The transaction was closed on 20 June 2017.
Oceanteam closed a refinance of CSV Bourbon Oceanteam 101 and CSV Southern Ocean for a period of five years at market terms with effective date 17 July 2017.
Oslo/ Amsterdam - 30 August 2017. Oceanteam ASA, the Dutch-Norwegian based offshore service provider Oceanteam ASA ("Oceanteam" or "Company") today announced its official figures of the first six month of 2017 (hereafter referred to as H1 2017).
Revenues during H1 2017 came in at USD 16.8 million The Company recorded an EBITDA from operations of USD 6.8 million and a net result in H1 2017 of USD 23.3 million including an IFRS IAS 39 fair value effect on Company's new bond loan of USD 29.7 million.
Unfortunately, cost implications from uncertainties and unexpected delays concerning the conclusion of Oceanteam's refinancing and related issues resulted in a negative effect on the Company's performance in the first six months. Delays, but also a series of incidents with interim CFO Wilhelm Bohn, did harm the company's reputation unnecessarily and resulted in his suspension.
Oceanteam CEO Haico Halbesma says: "However, these setbacks do not take away the fact that the Company received a vote of confidence from its bondholders, banks and most recently from its main shareholders on its long-term viability, future direction and proven track record. It also does not take away the fact that Oceanteam's vessels performed as expected, contracts were executed successfully and new contracts for the Solutions segment were secured. We have come to a point where the Company needs to operate in quieter waters to use its full potential. There have been going on too many unnecessary issues. Our new financial foundation and ongoing and successful cost reductions programs have created a new platform to further develop our steady market performance as the Company now shows on a month-by-month basis."
According to Halbesma the state of the oil and gas market, while seeming to stabilise somewhat, will likely remain challenging in the coming period. However, the Company's early focus on offshore renewables, Engineering & Logistic Solutions, plus its expansion in certain geographical areas will help the Company to safely navigate the current market low as well as structural changes in the oil and gas market. "We are also in the process of creating new revenue sources in the field of civil engineering and offshore-related logistic solutions, while building on the same core capabilities that have made Oceanteam the distinguished niche player it is known as today. There is an exciting and promising perspective beyond our horizon."
As a result of the new bond loan agreement and the sale of the Lay Vessel North Ocean 105 the Company now has improved free cash flow and has structurally a lower interest costs, creating a healthy foundation for further growth.
Business areas
Major events and developments (H1 2017)
Oceanteam Solutions has been awarded a long-term contract to supply its client that provides cables and systems for energy and telecommunications with port facilities, loadouts and storage of cables at Oceanteam's own cable storage facility in Velsen Noord, The Netherlands.
Oceanteam's subsidiary KCI has been awarded new assignments from Geosea, Boskalis Offshore and OOS International.
Oceanteam's subsidiary KCI has successfully performed the first test of its patented Double Slip Joint (DSJ) research & development project with its partners SIF and Van Oord.
In April, Oceanteam moved into a new office in Amsterdam. At the same time, Oceanteam Solutions moved into a larger building on their own base in Velsen-Noord. Both relocations will give Oceanteam room for future growth whilst significantly reducing office rental costs.
Oceanteam's subsidiary DiavazOceanteam Shipping (DOT) has come to an agreement with seller Pacific Radiance to postpone the delivery of the CSV Tampamachoco 1 (T1) to the end of 2017 with an option to delay until the end of 2018.
Major subsequent events (H1 2017)
Oceanteam Solutions signed a contract with a European cable manufacturer regarding the supply of a transport vessel, turntable and auxiliary equipment for the transport of cables from South Europe to Scandinavia.
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's subsidiary KCI has been awarded with a design study for an attraction in a new amusement park in Rotterdam, based on their offshore experience.
Oceanteam Shipping
Operations North Ocean fleet CSV
CSV Bourbon Oceanteam 101: working on long-term time charter contract in Angola for TOTAL SA. The contract, which started in August 2016, is for a period of three years plus options.
CSV Southern Ocean has been on a long-term bare boat charter with Fugro TSM Australia since its delivery in 2010. The vessel will remain under contract by Fugro TS Marine Australia until the end of 2018 and has options for extension.
Oceanteam Mexico SA de CV operates two Fast Support Vessels (FSV's), Tiburon and Mantarraya.
Tiburon and Mantarraya are still under bareboat charter with Inversiones Setin Venezuala, however, since Inversiones Setin is in breach of its obligations under the contract and the Company has not received the charter hire due thereunder, the Company has started legal proceedings against Inversiones Setin. The outstanding receivable balance in the amount of USD 0.4 million has been written off as doubtful debt as part of 4Q 2016 financial reporting.
The plan is to terminate the contracts properly, vest a claim for unpaid charter hire, repairs and maintenance overdue. Subsequent, the vessels are scheduled to go into dry dock and to be ready to commence on the new contracts by end of 2017.
Oceanteam Solutions is specialised in building demountable turntable systems that easily can be delivered in 40ft containers to any port globally. The company designs and produces turntables in various sizes, for onshore and offshore use and for a variety of cables, umbilicals, pipes or flowlines. The Company provides full engineering design and consultancy services to clients in the oil and gas, civil engineering and renewables industries. Oceanteam Solutions can also provide services for complex structures both onshore and offshore. With the in-house engineering experience and expertise, clients can contract the most effective vessel and equipment solutions for their projects. Over the years Oceanteam Solutions has built up a broad client base worldwide, to which the company successfully supplies equipment and supports the client's offshore cable, pipeline and umbilical installations, transport and storage projects. From our base with deep-water quayside facilities in Velsen-Noord, the Netherlands, the company can accommodate all sizes of vessels for mobilisation and demobilisation with easy access to the North Sea.
DOT SHIPPING
In March 2014, Oceanteam acquired a 40 percent stake in the newly founded joint venture DOT Shipping together with Diavaz. DOT Shipping successfully delivered two FSV newbuilds, named Icacos and Cobos, in Q4 2014. Both vessels are fully financed and have been operational in the Mexican market since March 2015.
DOT Shipping, where Oceanteam has a 40 percent working interest, has a 50 percent stake in a large newbuild construction support vessel named Tampamachoco 1, within a DOT Radiance joint venture. The delivery of this vessel is postponed to the end of 2017 with an option to delay until the end of 2018.
Oceanteam Solutions
Oceanteam Solutions is specialised in building demountable turntable systems that easily can be delivered in 40ft containers to all ports globally. The company designs and produces turntables in various sizes, for onshore and offshore use and for a variety of cables, umbilicals, pipes or flowlines. The Company provides full engineering design and consultancy services to clients in the oil and gas and renewables industries. Oceanteam Solutions can also provide services for complex structures both onshore and offshore. With the in-house engineering experience and expertise, clients can contract the most effective vessel and equipment solutions for their projects. Over the years Oceanteam Solutions has built up a broad client base worldwide, to which the company successfully supplies equipment and supports the client's offshore cable, pipeline and umbilical installations, transport and storage projects. From our base with deep-water quayside facilities in Velsen-Noord, the Netherlands, the company can accommodate all sizes of vessels for mobilisation and demobilisation with easy access to the North Sea.
Main operational projects Oceanteam Solutions (H1 2017)
Supplying demountable turntables and auxiliary equipment for the multiple transport of cables from Asia to Europe.
For a long-term storage project Solutions upgraded and customised a turntable from 4000t to 5300t and spooling operations were successfully performed by our cable handling crew.
Performed a second load-out for a client into a 2000t turntable with subsequently the splicing of the cable at Oceanteam's own cable storage facility in Velsen Noord, The Netherlands.
Supply of full cable installation spread to Offshore Wind client.
Multiple cable storage contracts ongoing.
Various multi discipline design engineering contracts ongoing.
World's largest Ferris Wheel design, construction and installation support continues to create significant amount of work.
Various concept studies for future foundations of WTG's for the Offshore Wind market.
Market outlook
The main factor in the market outlook is the turmoil in the oil price. The volatile environment for oil and gas prices and activity has created significant market challenges for our industry, but also opportunities. With the Company's expertise in combining engineering, shipping and equipment, the Company is ready to add more value for our clients.
Backlog and finance. The oil and gas prices influence oil companies' priorities and choices between new developments, upgrades of existing facilities and commitments to recovery from producing fields. Fluctuations in oil and gas prices also affect the offshore renewables market as available resources flow into this market. Hence oil and gas prices affect activity, rates and asset values in both of Oceanteam's primary markets. Oceanteam is confident and has to date secured sufficient projects in both the oil and gas market and the offshore renewables market to maintain a high to good level of utilisation of its assets and engineers for the coming period.
There is considerable uncertainty as to how long it will take before demands pick up and market conditions are expected to remain challenging for several years. The Company is still positive and believes that the long-term fundamentals of the relevant markets and regions it operates in remain strong and that its diversification strategy supports utilisation for its assets and ride the next upturn in these cyclical markets. To mitigate the market risk, the Company has secured backlog for 2017 and well into 2019 (excluding contract options) for its CSV assets.
To meet the macro challenges the Company continues to focus on capital and cost discipline to strengthen its balance sheet.
The performance of the Company in this half year was weaker than in the previous period due to the continuously weak market. At the same time the Company has managed to complete the finance restructuring process which has secured a capital cost and structure which supports the value creation and financial flexibility. In addition to this, the Company's operating costs have been materially reduced compared with the previous period.
Lean organisation and strong partners. The Company has always focused on strong long-term backlog seeking full utilization of its high-end deepwater assets, a proven strategy that gives long-term stable cash flow. The diversification of the Company's global business units and working segments makes us more robust against decreasing oil prices. Geopolitical tension will make certain regions develop faster or slower and therefore the Company has chosen to focus on stable regions and to team up with strong local partners with proven track records in their respective markets. Diversification of clients also helps the Company to increase its knowledge and to develop in different markets and to spread its operational risk.
Firm position in offshore market. In Western Europe several offshore wind parks have been sanctioned and are being realised on an increasing scale. The Company's continued belief is that demand for services related to the offshore renewable industry will increase significantly in 2018 and beyond, this is also supported by increased leads and in the building of backlog.
The Company remains in a strong position to meet future demands and requirements in this market. Limited space and environmental laws are causing large wind farms to be constructed further from shore. The projects are in deeper waters, more complex and on a larger scale. With over 30 years of experience, Oceanteam Solutions has the competence to meet industry demands. With its deep water base in Velsen, The Netherlands it supplies and rents to a broad client base around the world to support their offshore cable, pipeline and umbilical installations, transport and storage projects.
Oceanteam Solutions uses the current platform to focus on combining the different disciplines and resources into cost effective solutions which creates new opportunities. All with the aim of reducing risks and improving the economics, both running costs and installation costs, for our clients.
Solution driven services. The exact timing of existing projects currently in the development stage remains uncertain, but overall the market is expected to grow, resulting in an increased demand for support vessels and associated services.
The focus of the industry is on reducing installation and maintenance costs and using flexible solutions, which Oceanteam can provide with its solution driven services.
Oceanteam spends significant resources on market research and intelligence. It adapts its strategy and risk profiles when the analysis deems this to be prudent. The Company aims to steer profitably through this challenging period and ride the next upturn in our cyclical markets.
Amsterdam/ Bergen, 30 August 2017
Executive Management and Board
About Oceanteam ASA
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. Oceanteam ASA has been active in the industry as an offshore solutions provider for over twelve years.
For more information: www.oceanteam.no
For further information about Oceanteam ASA please contact:
CEO Haico Halbesma: +31 20 53 57 570, haico@oceanteam.no
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
OCEANTEAM ASA - H1 REPORT 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.Major events in H1 2017
As per 31 July 2017, Diederik Legger has been appointed as a member of the Board of Directors of Oceanteam. He is replacing Bote de Vries, who stepped down only two months after joining the Board as his Oceanteam responsibilities required more time than initially expected.
The services of Interim CFO Wilhelm Bøhn, hired as a consultant to perform certain specific tasks, were suspended.
Oceanteam initiated a financial restructuring in October 2016 and has since early 2016 developed and executed a restructuring plan that has secured a capital cost and structure which will support the value preservation and financial flexibility and value creation for all stakeholders.
Final loan agreement was fully closed with Oceanteam bondholders effective from 19 June 2017.
Oceanteam's joint-venture partner McDermott executed its option to purchase all of Oceanteam's remaining interest in North Ocean 105 AS, the company owning the LV North Ocean 105. The transaction was closed on 20 June 2017.
Oceanteam closed a refinance of CSV Bourbon Oceanteam 101 and CSV Southern Ocean for a period of five years at market terms with effective date 17 July 2017.
Oslo/ Amsterdam - 30 August 2017. Oceanteam ASA, the Dutch-Norwegian based offshore service provider Oceanteam ASA ("Oceanteam" or "Company") today announced its official figures of the first six month of 2017 (hereafter referred to as H1 2017).
Revenues during H1 2017 came in at USD 16.8 million The Company recorded an EBITDA from operations of USD 6.8 million and a net result in H1 2017 of USD 23.3 million including an IFRS IAS 39 fair value effect on Company's new bond loan of USD 29.7 million.
Unfortunately, cost implications from uncertainties and unexpected delays concerning the conclusion of Oceanteam's refinancing and related issues resulted in a negative effect on the Company's performance in the first six months. Delays, but also a series of incidents with interim CFO Wilhelm Bohn, did harm the company's reputation unnecessarily and resulted in his suspension.
Oceanteam CEO Haico Halbesma says: "However, these setbacks do not take away the fact that the Company received a vote of confidence from its bondholders, banks and most recently from its main shareholders on its long-term viability, future direction and proven track record. It also does not take away the fact that Oceanteam's vessels performed as expected, contracts were executed successfully and new contracts for the Solutions segment were secured. We have come to a point where the Company needs to operate in quieter waters to use its full potential. There have been going on too many unnecessary issues. Our new financial foundation and ongoing and successful cost reductions programs have created a new platform to further develop our steady market performance as the Company now shows on a month-by-month basis."
According to Halbesma the state of the oil and gas market, while seeming to stabilise somewhat, will likely remain challenging in the coming period. However, the Company's early focus on offshore renewables, Engineering & Logistic Solutions, plus its expansion in certain geographical areas will help the Company to safely navigate the current market low as well as structural changes in the oil and gas market. "We are also in the process of creating new revenue sources in the field of civil engineering and offshore-related logistic solutions, while building on the same core capabilities that have made Oceanteam the distinguished niche player it is known as today. There is an exciting and promising perspective beyond our horizon."
As a result of the new bond loan agreement and the sale of the Lay Vessel North Ocean 105 the Company now has improved free cash flow and has structurally a lower interest costs, creating a healthy foundation for further growth.
Business areas
Major events and developments (H1 2017)
Oceanteam Solutions has been awarded a long-term contract to supply its client that provides cables and systems for energy and telecommunications with port facilities, loadouts and storage of cables at Oceanteam's own cable storage facility in Velsen Noord, The Netherlands.
Oceanteam's subsidiary KCI has been awarded new assignments from Geosea, Boskalis Offshore and OOS International.
Oceanteam's subsidiary KCI has successfully performed the first test of its patented Double Slip Joint (DSJ) research & development project with its partners SIF and Van Oord.
In April, Oceanteam moved into a new office in Amsterdam. At the same time, Oceanteam Solutions moved into a larger building on their own base in Velsen-Noord. Both relocations will give Oceanteam room for future growth whilst significantly reducing office rental costs.
Oceanteam's subsidiary DiavazOceanteam Shipping (DOT) has come to an agreement with seller Pacific Radiance to postpone the delivery of the CSV Tampamachoco 1 (T1) to the end of 2017 with an option to delay until the end of 2018.
Major subsequent events (H1 2017)
Oceanteam Solutions signed a contract with a European cable manufacturer regarding the supply of a transport vessel, turntable and auxiliary equipment for the transport of cables from South Europe to Scandinavia.
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's subsidiary KCI has been awarded with a design study for an attraction in a new amusement park in Rotterdam, based on their offshore experience.
Oceanteam Shipping
Operations North Ocean fleet CSV
CSV Bourbon Oceanteam 101: working on long-term time charter contract in Angola for TOTAL SA. The contract, which started in August 2016, is for a period of three years plus options.
CSV Southern Ocean has been on a long-term bare boat charter with Fugro TSM Australia since its delivery in 2010. The vessel will remain under contract by Fugro TS Marine Australia until the end of 2018 and has options for extension.
Oceanteam Mexico SA de CV operates two Fast Support Vessels (FSV's), Tiburon and Mantarraya.
Tiburon and Mantarraya are still under bareboat charter with Inversiones Setin Venezuala, however, since Inversiones Setin is in breach of its obligations under the contract and the Company has not received the charter hire due thereunder, the Company has started legal proceedings against Inversiones Setin. The outstanding receivable balance in the amount of USD 0.4 million has been written off as doubtful debt as part of 4Q 2016 financial reporting.
The plan is to terminate the contracts properly, vest a claim for unpaid charter hire, repairs and maintenance overdue. Subsequent, the vessels are scheduled to go into dry dock and to be ready to commence on the new contracts by end of 2017.
Oceanteam Solutions is specialised in building demountable turntable systems that easily can be delivered in 40ft containers to any port globally. The company designs and produces turntables in various sizes, for onshore and offshore use and for a variety of cables, umbilicals, pipes or flowlines. The Company provides full engineering design and consultancy services to clients in the oil and gas, civil engineering and renewables industries. Oceanteam Solutions can also provide services for complex structures both onshore and offshore. With the in-house engineering experience and expertise, clients can contract the most effective vessel and equipment solutions for their projects. Over the years Oceanteam Solutions has built up a broad client base worldwide, to which the company successfully supplies equipment and supports the client's offshore cable, pipeline and umbilical installations, transport and storage projects. From our base with deep-water quayside facilities in Velsen-Noord, the Netherlands, the company can accommodate all sizes of vessels for mobilisation and demobilisation with easy access to the North Sea.
DOT SHIPPING
In March 2014, Oceanteam acquired a 40 percent stake in the newly founded joint venture DOT Shipping together with Diavaz. DOT Shipping successfully delivered two FSV newbuilds, named Icacos and Cobos, in Q4 2014. Both vessels are fully financed and have been operational in the Mexican market since March 2015.
DOT Shipping, where Oceanteam has a 40 percent working interest, has a 50 percent stake in a large newbuild construction support vessel named Tampamachoco 1, within a DOT Radiance joint venture. The delivery of this vessel is postponed to the end of 2017 with an option to delay until the end of 2018.
Oceanteam Solutions
Oceanteam Solutions is specialised in building demountable turntable systems that easily can be delivered in 40ft containers to all ports globally. The company designs and produces turntables in various sizes, for onshore and offshore use and for a variety of cables, umbilicals, pipes or flowlines. The Company provides full engineering design and consultancy services to clients in the oil and gas and renewables industries. Oceanteam Solutions can also provide services for complex structures both onshore and offshore. With the in-house engineering experience and expertise, clients can contract the most effective vessel and equipment solutions for their projects. Over the years Oceanteam Solutions has built up a broad client base worldwide, to which the company successfully supplies equipment and supports the client's offshore cable, pipeline and umbilical installations, transport and storage projects. From our base with deep-water quayside facilities in Velsen-Noord, the Netherlands, the company can accommodate all sizes of vessels for mobilisation and demobilisation with easy access to the North Sea.
Main operational projects Oceanteam Solutions (H1 2017)
Supplying demountable turntables and auxiliary equipment for the multiple transport of cables from Asia to Europe.
For a long-term storage project Solutions upgraded and customised a turntable from 4000t to 5300t and spooling operations were successfully performed by our cable handling crew.
Performed a second load-out for a client into a 2000t turntable with subsequently the splicing of the cable at Oceanteam's own cable storage facility in Velsen Noord, The Netherlands.
Supply of full cable installation spread to Offshore Wind client.
Multiple cable storage contracts ongoing.
Various multi discipline design engineering contracts ongoing.
World's largest Ferris Wheel design, construction and installation support continues to create significant amount of work.
Various concept studies for future foundations of WTG's for the Offshore Wind market.
Market outlook
The main factor in the market outlook is the turmoil in the oil price. The volatile environment for oil and gas prices and activity has created significant market challenges for our industry, but also opportunities. With the Company's expertise in combining engineering, shipping and equipment, the Company is ready to add more value for our clients.
Backlog and finance. The oil and gas prices influence oil companies' priorities and choices between new developments, upgrades of existing facilities and commitments to recovery from producing fields. Fluctuations in oil and gas prices also affect the offshore renewables market as available resources flow into this market. Hence oil and gas prices affect activity, rates and asset values in both of Oceanteam's primary markets. Oceanteam is confident and has to date secured sufficient projects in both the oil and gas market and the offshore renewables market to maintain a high to good level of utilisation of its assets and engineers for the coming period.
There is considerable uncertainty as to how long it will take before demands pick up and market conditions are expected to remain challenging for several years. The Company is still positive and believes that the long-term fundamentals of the relevant markets and regions it operates in remain strong and that its diversification strategy supports utilisation for its assets and ride the next upturn in these cyclical markets. To mitigate the market risk, the Company has secured backlog for 2017 and well into 2019 (excluding contract options) for its CSV assets.
To meet the macro challenges the Company continues to focus on capital and cost discipline to strengthen its balance sheet.
The performance of the Company in this half year was weaker than in the previous period due to the continuously weak market. At the same time the Company has managed to complete the finance restructuring process which has secured a capital cost and structure which supports the value creation and financial flexibility. In addition to this, the Company's operating costs have been materially reduced compared with the previous period.
Lean organisation and strong partners. The Company has always focused on strong long-term backlog seeking full utilization of its high-end deepwater assets, a proven strategy that gives long-term stable cash flow. The diversification of the Company's global business units and working segments makes us more robust against decreasing oil prices. Geopolitical tension will make certain regions develop faster or slower and therefore the Company has chosen to focus on stable regions and to team up with strong local partners with proven track records in their respective markets. Diversification of clients also helps the Company to increase its knowledge and to develop in different markets and to spread its operational risk.
Firm position in offshore market. In Western Europe several offshore wind parks have been sanctioned and are being realised on an increasing scale. The Company's continued belief is that demand for services related to the offshore renewable industry will increase significantly in 2018 and beyond, this is also supported by increased leads and in the building of backlog.
The Company remains in a strong position to meet future demands and requirements in this market. Limited space and environmental laws are causing large wind farms to be constructed further from shore. The projects are in deeper waters, more complex and on a larger scale. With over 30 years of experience, Oceanteam Solutions has the competence to meet industry demands. With its deep water base in Velsen, The Netherlands it supplies and rents to a broad client base around the world to support their offshore cable, pipeline and umbilical installations, transport and storage projects.
Oceanteam Solutions uses the current platform to focus on combining the different disciplines and resources into cost effective solutions which creates new opportunities. All with the aim of reducing risks and improving the economics, both running costs and installation costs, for our clients.
Solution driven services. The exact timing of existing projects currently in the development stage remains uncertain, but overall the market is expected to grow, resulting in an increased demand for support vessels and associated services.
The focus of the industry is on reducing installation and maintenance costs and using flexible solutions, which Oceanteam can provide with its solution driven services.
Oceanteam spends significant resources on market research and intelligence. It adapts its strategy and risk profiles when the analysis deems this to be prudent. The Company aims to steer profitably through this challenging period and ride the next upturn in our cyclical markets.
Amsterdam/ Bergen, 30 August 2017
Executive Management and Board
About Oceanteam ASA
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. Oceanteam ASA has been active in the industry as an offshore solutions provider for over twelve years.
For more information: www.oceanteam.no
For further information about Oceanteam ASA please contact:
CEO Haico Halbesma: +31 20 53 57 570, haico@oceanteam.no
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
OCEANTEAM ASA - H1 REPORT 2017