Oceanteam reports on first quarterNews // May 24, 2013
During the first quarter of 2013 Oceanteam Shipping saw the full utilization of all of its vessels. Oceanteam also continued its investment programme in 2,000/4,000 tonne modular carousel systems.
"Equipment rental and new modular carousels represent a high-value segment for Oceanteam and the demand displayed for our innovative, proprietary cable solutions is promising," said the company. "This was most recently demonstrated by an order placed from LS Cable Korea for a number of our solutions for a two year period building a healthy back log."
Highlights for the quarter included:
• Revenue from operations US$16.5 million
• EBITDA from operations of US$7.2 million
• Operating profit of US$3.8 million
• Net finance costs US$3.9 million
• Net profit of US$0.2 million.