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    Oceanteam describes fourth quarter results

    Company News // February 18, 2014

    During the fourth quarter of 2013, Oceanteam Shipping increased its backlog significantly.

    It extended its successful charter for Southern Ocean until the end of 2018, plus options.

    After completion of an extensive investment programme in 2013, the company was awarded significant contracts in the offshore oil and gas and renewables markets for its equipment division RentOcean.

    "With the recent award of multiple cable storage and handling contracts and the strong orderbook the company is well positioned to grow, show strong performance and profitability going forward," said Oceanteam.

    Revenue from operations was US$13.8 million for the quarter, and US$60.3 million for 2013. EBITDA from operations was US$5.0 million for the quarter, and US$27.3 million for 2013. Operating profit was US$2.7 million.


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