Oceanteam Ends 2017 in Profit; Axes CSV Tampamachoco Deal

Oslo-listed Oceanteam has booked net profit of $11.7 million for the year 2017, against $22.3 million loss in 2016.

For the twelve months of 2017, the Norwegian-Dutch offshore service provider generated $35.5 million in revenues, down approximately 15% compared to $41.8 million for the same period in 2016.

Earnings for the second-half 2017 came out negative $11.5 million, on operating income of $18.8 million.

To note, net loss for the second-half 2017 included write-offs of the CSV Tampamachoco 1, DOT joint venture, KCI and other fleet write-offs. This was partially offset by the CSV Bourbon Oceanteam 101 and CSV Southern Ocean change in the valuation method from fair value to the value in use methods.

DOT Shipping (a joint venture between Diavaz and Oceanteam) and Pacific Radiance have mutually agreed to terminate agreements, which were entered into in October 2014, for purchase and bareboat chartering of the vessel Tampamachoco 1 without further liability to Diavaz-Oceanteam on February 15, 2018.

Furthermore, Oceanteam said it has appealed the decision by the Bergen Court to grant an investigation of certain related party transactions within the company, petitioned by minority of its shareholders.

The company has started forensic review against ex-managing director of Oceanteam Solutions as a result of related party investigation.

“2017 in particular was an unprecedented roller coaster ride from many perspectives. Unfortunately our market performance, new activities and client rewards have been publicly overshadowed by negative publicity created by some minor shareholders, former management and former advisors. For obvious legal reasons we decided not to comment as yet on the many fables and false allegations,” said Haico Halbesma, CEO of Oceanteam.

Subsea World News Staff