2014 saw the continued positive impact of Oceanteam Shipping ASA's long-term commitment to its corporate strategy for managed growth. During the year, the Company took the necessary steps both to secure short-term profitability and to ensure long-term growth. In turn, the Company was able to take full advantage of the fluctuating market conditions. As we close the books on 2014 we do so as a more diversified company, with a sound financial platform, a solid backlog and are uniquely positioned to capitalize on the opportunities we believe the upcoming years will offer.
While 2013 was centred on operational improvement and organisational development, the theme of 2014 has been the combination of short-term profitability and long-term growth. Several important steps were taken during the year to support this objective, starting off with the acquisition of the remaining shares of our engineering division, KCI The Engineers.
Oceanteam Shipping ASA now has three complimentary business areas, shipping, equipment and engineering, all strong in their own right, providing the Company with the required robustness and diversification to be profitable.
In 2014, we proudly announced the formation of a joint venture, DOT Shipping, with one of the most experienced and recognized operators in the Gulf of Mexico, Grupo Diavaz. The collaboration has already borne fruit with the order of two Fast Support Vessels in Q2 and the order of a first large Offshore Support Vessel in Q4 - all vessels fully financed and ordered on the back of substantial charter contracts. We believe that this joint venture between Oceanteam and Diavaz will provide the Company with a very material platform for long-term growth in the fast developing market in Mexico.
In accordance with the Company's long-term strategy to deleverage and strengthen the balance sheet, Oceanteam sold its remaining 50 percent stake in the CSV North Ocean 102 to J. Ray Mcdermott. Oceaneering International exercised the two one year options with the CSV Bourbon Oceanteam 101, which ensures all of our vessels are on contract until 2017 and beyond. In order to reflect the daily operations, control and to accommodate IFRS standards, the Company agreed with Bourbon Offshore Norway to consolidate Oceanteam Bourbon 4 AS 100 percent in 2014 and onwards. Ownership stakes remain unchanged.
Certain markets the Company operates in are increasingly volatile and difficult to predict. Despite this, the Company has significant backlog, three well performing business areas, a strong balance sheet and exciting growth opportunities in the Gulf of Mexico. We are confident that the Company is in an ideal position to continue to grow through the sustained profitability of our operations.
We thank our clients, employees and all our business partners for their continued business and support.
On behalf of the Board of Directors
Haico Halbesma
Chief Executive Officer
About Oceanteam Shipping ASA
The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions focus is to provide its clients with complete offshore solutions.
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 |
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.