Good final quarter for OceanteamCompany News // February 24, 2015
Oceanteam Shipping says it ended 2014 with a strong quarter. Good operational performance resulted in an operating profit of US$5.6 million and a net result of US$0.2 million.
The company completed the transfer of a 50 per cent ownership stake in a jointly owned pipelay vessel, North Ocean 102, to J Ray McDermott Norway. The transaction is part of the company's long-term strategy to deleverage and to strengthen its balance sheet.
Oceanteam Solutions, the company's marine asset and design engineering divisions, is focusing more and more on a solution driven offshore service by combining its engineering and equipment capabilities into one unique single service solution for specific clients. "This transition is well on track," said the company, noting that its proportion of the company's earnings has increased and that Oceanteam Solutions "will be a key contributor to the company's future growth, in addition to the stable long-term focus on the shipping business."
DOT Shipping, a joint venture with Grupo Diavaz from Mexico, took delivery of two new build FSVs. The vessels are now in transit to Mexico, where they both will begin a seven year firm time charter contract. DOT Shipping currently has one large offshore support vessel under construction, which is already booked against a long term time charter. For this vessel DOT Shipping closed a joint venture with Pacific Radiance Ltd of Singapore.