Oceanteam Shipping ASA ended 2014 with a strong quarter. Good operational performance resulted in an operating profit of USD 5.6 million and a net result of USD 0.2 million.
The Company completed the transfer of a 50 % ownership stake in a jointly owned Pipe Lay Vessel, North Ocean 102, to J. Ray McDermott Norway. The transaction is part of the Company's long-term strategy to deleverage and to strengthen its balance sheet.
Oceanteam Solutions, the Company's marine asset and design engineering divisions, are focusing more and more on a solution driven offshore service by combining its engineering and equipment capabilities into one unique single service solution for specific clients. This transition is well on track. Its proportion of the Company's earnings has increased and Oceanteam Solutions will be a key contributor to the Company's future growth, in addition to the stable long-term focus on the shipping business.
DOT Shipping, a joint venture with Grupo Diavaz from Mexico, took delivery of two new build FSV's. The vessels are now in transit to Mexico, where they both will begin a seven year firm time charter contract. DOT Shipping currently has one large offshore support vessel under construction, which is already booked against a long term time charter. For this vessel DOT Shipping closed a joint venture with Pacific Radiance Ltd of Singapore.
HIGHLIGHTS FOR THE QUARTER
· Revenue from operations USD 15.8 million
· EBITDA from operations is positive USD 8.6 million
· Operating profit of USD 5.6 million
· Net finance negative USD 4.6 million
· Net profit for the quarter is positive USD 0.2 million
· Sale of 50 percent ownership stake in CSV North Ocean 102 to J. Ray McDermott
· DOT Shipping took delivery of two new build FSV's. Both will start a seven year time charter in March 2015
· Contracts for FSV's operating in Venezuela has been extended until end 2015
· RentOcean awarded contract to supply a lay spread for a cable laying project in Mexico
· RentOcean executed a contract for a 3000T onshore modular turntable
· KCI awarded increased scope on a major innovative structure project in Middle East
· KCI awarded various larger and smaller contracts in the oil and gas and offshore renewable markets
Please find attached the complete Q4 2014 report and presentation.
About Oceanteam Shipping ASA
Oceanteam Shipping ASA (Oslo Stock Exchange: OTS) is an offshore shipping Company and solutions provider. Besides owning, chartering and managing deep-water offshore support vessels and FSV's, the Company has an increased focus on providing complete offshore solutions to 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|
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.