Oceanteam Releases Second Quarter Results

Oceanteam Shipping ASA saw, with its early focus on Mexico, a long term strategy confirmed. Its newly founded DOT Shipping partnership with Grupo Diavaz and the subsequent approval of the Mexican Energy Reform legislation will create significant opportunities for the company.

Oceanteam Releases Second Quarter Results

These important events triggered plans prepared by the company and have so far resulted in the order, finance and time chartering of two new build FSV’s.

DOT Shipping will focus on providing high-end vessel solutions and marine asset services in Mexico.

RentOcean, the company’s marine asset services division continues to experience strong growth and level of services it provides.

To unlock existing strategic values and to prepare for future growth Oceanteam has engaged a financial advisor to optimize the capital structure.

HIGHLIGHTS FOR THE QUARTER:

· Revenue from operations USD 17.7 million;

· EBITDA from operations is positive USD 7.0 million;

· Operating profit of USD 4.4 million;

· Net finance negative USD 4.1 million;

· Net profit for the quarter is positive USD 0.4 million;

· CSV Southern Ocean is 100 per cent consolidated effective from 2014;

· DOT Shipping orders 2 FSV’s. Both vessels have a 6 year contract and are fully financed. Expected delivery is early 2015;

· RentOcean awarded a contract by LS Cable South Korea for a second 4000T modular turntable system for 1 year plus options. The investment programme goes as planned with delivery end Q3 2014. Subsequent in Q3 RentOcean sold some of its existing burial equipment;

· CSV Southern Ocean has had a period of technical breakdown starting end of May and returned to full operational mode early July 2014. During this period the vessel was on reduced charter rate.

Press Release, August 28, 2014

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