Oceanteam Cuts Loss

Oslo-listed Oceanteam has booked net loss of some $3 million for the forth quarter of 2016.

This result compares with $11.1 million loss in the corresponding period in 2015.

The Norwegian-Dutch offshore service provider generated $11.2 million in operating revenues, up approximately 3% compared to $10.9 million in the same period last year.

Twelve-months 2016 revenue stood at $53.8 million, down from $55.6 million in 2015.

Earnings for the year 2016 came out negative $4.4 million, but narrowed the loss in 2015 of $21.2 million.

Oceanteam initiated financial restructuring process last year and managed to reach an agreement with its bond holders on the main terms of the bond loan.

The company sold its 25 percent ownership in the vessel-owning company North Ocean 105 to McDermott, and will use the proceeds for repayments of vendors and repurchase of outstanding bonds.

Subsea World News Staff

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