2012 was a year of significant progress and important milestones for Oceanteam Shipping ASA. We executed several complex initiatives and more importantly, we saw the culmination of the refinancing process the company started three years ago. It is with great pleasure and a good deal of pride that I can say that we have successfully delivered on all the strategic initiatives and promises we made back in 2009. In the span of these three years we have re-focused the company, restructured the balance sheet and operations, refinanced two vessels and the company's bond debt and in the process we have cleaned up our capital structure and significantly strengthened our balance sheet. With a fiscally sound company, an average backlog of 3 years and a favorable market it is now time to again turn our attention to future growth opportunities.
In 2012 the company has refinanced a total of USD 240 million in vessel and company debt. This is a significant amount for a company our size and signals that the capital markets are accessible and willing to fund the right projects and strategic initiatives. The USD 92.5 million bond placement in October concluded the changes in capital structure and will significantly improve the company's liquidity, debt maturity profile and provide the company with a solid financial platform to develop going forward.
During the year there have also been significant events in our shipping operations, we have extended the charter of CSV Bourbon Oceanteam 101 for three years and the CSV Southern Ocean with a two year bareboat charter. The CSV North Ocean 102 was converted into a bareboat charter, reducing operational risk. This year we also saw the on time and on budget delivery of the Lay Vessel North Ocean 105. The vessel immediately began a 5 year time charter with McDermott International. In the engineering and equipment rental segments prospects are good and operations are proceeding as planned.
We see an unprecedented amount of opportunity for both this year and the long term. Now it is all about moving at the right pace and finding projects and financing solutions that fit perfectly with the company's strategy. By delivering on promises and staying true to our strategy we are confident that, over time, the markets will come to realize the inherent values already in the company.
When I pause to reflect on how far we have come over the past few years and how much further we will go in the next one, I could not be more excited.
Thank you for your support.
Haico Halbesma
Chief Executive Officer
Oceanteam Shipping ASA
About Oceanteam Shipping ASA
Oceanteam Shipping ASA (Oslo Stock Exchange: OTS) is an offshore shipping company. Its business is the owning, chartering and managing of Deepwater Offshore Construction Service - and Pipe Lay Vessels In addition Oceanteam Shipping provides complementary Engineering Services consisting of both Engineering & Design Services and Equipment to support its clients.
For more information: www.oceanteam.no
| For further information about Oceanteam Shipping ASA please contact: | ||
| CEO Haico Halbesma: | +31 20 53 57 570, | haico@oceanteam.no |
| CFO Torbjørn Skulstad: | +47 55 10 82 40, | torbjorn@oceanteam.no |