Red Ink for Oceanteam

Norway-based Oceanteam has booked net loss of $2.9 million for the fourth quarter ended December 31, 2015.

The Oslo-listed company, comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions, generated $12.4 million in operating revenues, down approximately 21% compared to $15.8 million in the same period last year.

Full-year 2015 revenue stood at $57.1 million, versus last year’s $66.9 million.

In the fourth quarter, Oceanteam Shipping recorded 56% of the operating revenues, while Oceanteam Solutions generated the rest.

Earnings for the year 2015 came out negative $16 million, widening the last year’s loss of $6.3 million.

In addition, Oceanteam Shipping ASA changed its name to Oceanteam ASA, and the company’s marine assets division RentOcean will now operate under the name Oceanteam Solutions.

The company reported order backlog for 2016 and 2017 for its CSV assets, totalling some USD 211 million.

“There is considerable uncertainty as to how long it will take before demand picks up and market conditions are expected to remain challenging for several years,” Oceanteam said in its earnings report.

Subsea World News Staff