Oceanteam Posts Q1 Loss

Norway’s Oceanteam has booked a net loss of $0.4 million for the first quarter ended March 31, 2015, as the revenues dropped on lower demand.

The Oslo-listed company, comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions, generated $14.3 million in operating revenues, down approximately 5% compared to the same period last year.

Oceanteam Shipping recorded $6.6 million in operating revenues, while Oceanteam Solutions had an operating revenue of $7.7 million.

EBITDA from operations is positive $6.9 million (EBITDA margin 48%), an increase from $6.7 million (EBITDA margin 44%)  in the corresponding period in 2014.

“The more volatile environment for oil prices and activity, has created significant market challenges for our industry. There is considerable uncertainty as to how long it will take before demands picks up. The Company is still positive and believes in the long-term fundamentals of the relevant markets and regions it operates in to remain strong and that its diversification strategy supports this,” Oceanteam said in a statement.