"During the first half year Oceanteam Shipping ASA experienced the full utilization of all vessels except for the planned dry docking and upgrade period for Bourbon Oceanteam 101. In the engineering division the company continues to see satisfactory utilization. In the first half year Oceanteam also initiated a further investment program in up to 4.000 Ton modular carousel systems, this following an order by LS Cable Korea. The modular carousels represent a new and high-value segment for Oceanteam and we are very pleased at the market demand for our innovative, proprietary cable solutions - most recently by the award of a two year contract. Management sees strong markets in all segments and will continue to focus on performance and profitability going forward."
HIGHLIGHTS FOR THE QUARTER
· Revenue from operations USD 15.2 million
· EBITDA from operations USD 6.0 million
· Operating profit of USD 2.6 million
· Net finance negative USD 3.5 million
· LS Cable Korea awarded contract for supply of a/o a 4.000 Ton modular carousel system
· 5 year dry docking and upgrade Bourbon Oceanteam 101 completed, duration of 7 weeks
· Engineering segment completed and started up new projects effecting efficiency
· OceanWind is awarded with its first cable storage and handling contracts
Please find attached the complete Q2 2013 report and presentation.
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,||email@example.com|
|CFO Torbjørn Skulstad:||+47 55 10 82 40,||firstname.lastname@example.org|