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    Oceanteam reports on first quarter

    News // 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.


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