Oceanteam reports strong third quarterCompany News // November 7, 2014
During the third quarter Oceanteam Shipping saw strong operational performance and says it made "some significant steps forward," securing the long-term development and growth of the company.
The operational performance resulted in an operating profit of US$5.5 million and a net result of US$1.8 million. The quarter also saw both one-year options exercised at the same time by Oceaneering for the charter for CSV Bourbon Oceanteam 101, securing a firm contract backlog into 2017.
Newly founded DOT Shipping, the joint venture with Grupo Diavaz, took an interest in a new large offshore support vessel for the Mexican market against long-term backlog.
For this vessel DOT Shipping closed a partnership agreement with Pacific Radiance Ltd based in Singapore. The initial interest of DOT Shipping is 50 per cent with an option to buy the remaining 50 per cent after a period of seven years against agreed terms.
DOT Shipping currently has three vessels under construction of which the first two vessels will be delivered in December 2014 and start on long-term time charters in the first quarter of 2015.
RentOcean, the company's marine asset services division, strengthened its position in both the offshore renewables and oil and gas markets. Backlog increased from US$35 million in the second quarter to US$37 million in the third quarter of 2014.
RentOcean's two new 4,000 tonne demountable turntable systems delivered to LS Cable were successfully used to load and transport 2 x 50km of power cable on Hanjin Pioneer from Donghae, South Korea to Qatar. Hanjin Pioneer is currently the largest cable transport vessel in the world.
Highlights from the quarter include:
• Revenue from operations US$18.4 million.
• EBITDA from operations is US$8.1 million.
• Operating profit of US$5.5 million.
• Net finance negative US$3.7 million.
• Net profit for the quarter is positive US$1.8 million.
• Oceaneering exercised both one year options on CSV Bourbon Oceanteam 101
extending the charter to February 2017.
• DOT Shipping ordered two FSVs. Both vessels have a six year contract, are fully financed and will start operations in the first quarter of 2015.
• DOT Shipping announced 50 per cent interest in a new large OSV for Mexico.
• RentOcean awarded a contract by Van Oord for a 3,000 tonne onshore modular turntable for storage of cable in Eemshaven for the Gemini offshore windfarm project and sold some of its existing burial equipment.
• RentOcean and OceanWind were awarded a contract by Eneco for long term storage of spare cables at its facilities in Velsen Noord.
• Oceanteam Bourbon 4 AS, the owner of CSV Southern Ocean, is 100 per cent consolidated from 2014.