Oceanteam Sees Revenues Halved, Suspends interim CFO

  • Business & Finance

Oslo-listed Oceanteam has booked net profit of some $23.3 million for the first six months of 2017.

This result compares with $4.1 million loss for the period ended June 30, 2016.

For the first six months of 2017, the Norwegian-Dutch offshore service provider generated $16.8 million in operating revenues, down approximately 47% compared to $31.6 million in the same period last year.

Earnings for the second-quarter 2017 came to $23.3 million, on operating income of $7.9 million, against loss of $4.1 million on operating income of $16.8 million same time last year.

To note, net profit for the first-half 2017 and second quarter included a fair value effect of a new bond loan of USD 29.7 million.

EBITDA for 1H 2017 came at $6.8 million, compared to $15.8 million in 1H 2016.

According to Oceanteam’s CEO Haico Halbesma, cost implications from uncertainties and delays concerning the conclusion of company’s refinancing and related issues resulted in a negative effect on the performance in the first six months.

Furthermore, Oceanteam said it has suspended its interim CFO, Wilhelm Bøhn, who had been hired in October last year as a consultant to manage the company’s refinancing process.

“After a series of incidents we obtained external advice on this matter and with the interests of all stakeholders in mind we were left with no other option than to suspend Mr Bøhn and make a fair settlement offer. Closure of the case is now in the hands of our corporate lawyers,” Oceanteam said on Wednesday.

Subsea World News Staff

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