The prolonged downturn and the volatility in the oil and gas market has put pressure on our sector and has broaden our focus to different key areas. Recent announcements from major players and clients regarding restructurings, lay-ups and lay-offs have changed the market sentiment significantly and affected asset values. Even though the oil and gas market is challenging, other sectors, like Offshore Wind, show a continuous growth. Our competitors' focus has shifted towards the latter, increasing the general competition in the Offshore Wind market. The players in our operating markets have an increased focus on reducing costs and increasing their efficiency. This opens up several possibilities for Oceanteam to provide innovative solutions for both new and existing clients.
With a long term contract coverage on all assets, supported by the performance of the engineering and equipment service segment, Oceanteam continues to deliver solid results in its targeted geographical offshore and onshore markets.
The Company demonstrates that it has a scalable and flexible business model, yet remaining conservative. Oceanteam will have a steady capital discipline in order to deleverage and create financial flexibility, allowing the Company to seize new project opportunities.
The Company's diversification strategy allows Oceanteam to expand its services in challenging market conditions while maintaining a solid performance.
In April a USD 35 million installment was amortized to the Company's bondholders. The transaction is a part of the Company's long-term strategy to optimize and strengthen the balance sheet, improve financial ratios and credit ratings. A strict capital and cost discipline combined with reduced leverage will allow the company to replace its high cost of capital with a more flexible capital structure that increases earnings and reduces financial costs going forward.
To show our strong commitment to Oceanteam's shareholders, the Company will retain its capital and cost discipline in order to establish a dividend policy, latest payable in 2018.
HIGHLIGHTS FOR THE QUARTER
Please find attached the complete Q2 2015 report and presentation.
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,||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.