"During the fourth quarter Oceanteam Shipping ASA increased its backlog significantly. First it extended its successful charter for the Southern Ocean until the end of 2018 plus options. Second, after completion of an extensive investment program in 2013, the company was awarded land mark contracts both within Oil & Gas and Offshore Renewables for its equipment division RentOcean.
With recent award of multiple cable storage and handling contracts and the strong order book the Management sees that the company is well positioned to grow, show strong performance and profitability going forward in the different market."
HIGHLIGHTS FOR THE QUARTER
· Revenue from operations USD 13.8 million for the quarter, and USD 60.3 million for the year 2013.
· EBITDA from operations is positive USD 5.0 million for the quarter, and USD 27.3 million for the year 2013.
· Operating profit of USD 2.7 million
· Net finance negative USD 3.6 million
· CSV Southern Ocean is consolidated from the fourth quarter according to the latest changes in IFRS.
· CSV Southern Ocean in standby mode from November 2013 up to end February 2014.
· RentOcean delivered a certified 4.000 Ton modular carousel plus support equipment to LS Cable South Korea.
· KCI, design engineering services, took a first step in an extensive investment program to upgrade its capacity and capabilities by installing a new management team.
Please find attached the complete Q4 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,||firstname.lastname@example.org|
|CFO Torbjørn Skulstad:||+47 55 10 82 40,||email@example.com|