During the third quarter Oceanteam Shipping ASA saw a strong operational performance and made some significant steps forward, securing the long-term development and growth of the Company.
The operational performance resulted in an operating profit of USD 5.5 million and a net result of USD 1.8 million. The quarter also saw both one-year options exercised at the same time by Oceaneering for the charter for CSV Bourbon Oceanteam 101, securing a firm contract backlog into 2017.
Newly founded DOT Shipping, the joint venture with Grupo Diavaz, took an interest in a new large Offshore Support Vessel for the fast developing Mexican market against long-term backlog. For this vessel DOT Shipping closed a partnership agreement with Pacific Radiance Ltd based in Singapore. The initial interest of DOT Shipping is 50% with an option to buy the remaining 50% after a period of 7 years against agreed terms.
DOT Shipping currently has three vessels under construction of which the first two vessels will be delivered in December 2014 and start on long-term time charters in Q1 2015.
RentOcean, the Company's marine asset services division, strengthened its position in both the offshore renewables and oil and gas markets. RentOcean is continuously expanding its level of services and delivered solutions to clients worldwide. Backlog increased from USD 35 million in Q2 to USD 37 million in Q3 2014. RentOcean's two new 4000T demountable turntable systems delivered to LS Cable were successfully used to load and transport 2 x 50 km of power cable on the Hanjin Pioneer from Donghae, South Korea to Qatar. The Hanjin Pioneer is currently the largest cable transport vessel in the world.
HIGHLIGHTS FOR THE QUARTER
· Revenue from operations USD 18.4 million.
· EBITDA from operations is positive USD 8.1 million.
· Operating profit of USD 5.5 million.
· Net finance negative USD 3.7 million.
· Net profit for the quarter is positive USD 1.8 million.
· Oceaneering exercised both one year options on CSV Bourbon Oceanteam 101
extending the charter to February 2017.
· DOT Shipping ordered two FSV's. Both vessels have a 6 year contract,
are fully financed and will start operations in Q1 2015.
· DOT Shipping announced 50% interest in a new large build Offshore
Support Vessel for Mexico.
· RentOcean awarded a contract by Van Oord for a 3000T onshore modular
turntable for storage of cable in Eemshaven for the Gemini Offshore Wind
Farm project and sold some of its existing burial equipment.
· RentOcean and OceanWind were awarded a contract by Eneco for long-
term storage of spare cables at its facilities in Velsen Noord.
· Oceanteam Bourbon 4 AS, the owner of CSV Southern Ocean, is 100%
consolidated from 2014.
Please find attached the complete Q3 2014 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|
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.