Oceanteam Back in Black, Looks for Bond Refinancing Solution

Norway-based Oceanteam has posted net profit attributable to owners of the company of close to $100 000 for the second quarter ended June 30, 2016, bouncing back from $1.5 million loss same time last year.

The Oslo-listed company, comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions, generated $16.8 million in operating revenues, down approximately 12% compared to $19 million in the same period last year.

Half-year 2016 revenue stood at $31.6 million, versus last year’s $33.3 million.

In the second quarter, Oceanteam Shipping recorded 66% of the operating revenues, while Oceanteam Solutions generated the rest.

Earnings for the first six months of 2016, attributable to owners of the company, came out negative $2.7 million, narrowing the last year’s loss of $3.2 million.

The company reported order backlog for 2016 and into 2019 for its CSV assets, totalling up to pro rata $95 million, and equipment backlog of approximately $14 million.

New Charters

Shelf Subsea has been extended the vessel contract for CSV Southern Ocean for five years until 2021. The extension was agreed after Shelf Subsea concluded a buy-out with Fugro.

CSV Bourbon Oceanteam 101 has started a new time charter contract in Angola. The contract is for a period of three years plus options.

Bond Refinancing

Oceanteam has not been able to secure alternative funding sources that would enable the company to refinance its bond.

As a result, the company said it has initiated a process to review all alternatives available in order to secure a sustainable financing solution.

According to Oceanteam, alternatives may include new debt and/or equity, restructuring of its current bond, as well as exploring other strategic options with the intention to present further details and a preliminary plan to shareholders, bondholders and other stakeholders by the end of 2016.

Subsea World News Staff