Du är här

2014-05-22

Oceanteam Shipping ASA: OCEANTEAM SHIPPING ASA - RELEASE OF Q1 2014 REPORT AND PRESENTATION

During the first quarter Oceanteam Shipping ASA increased its level of
activity with start up of several new contracts for RentOcean, its marine
asset services division. The Company increased its strategic ownership in the
design engineering firm KCI to 100 % and commenced an investment programme
named "The Next Step". The most significant event during the quarter was the
founding of a new joint venture named "DOT Shipping" together with Grupo
Diavaz to prepare for the expected growth of the market in Mexico.

Grupo Diavaz provides a wide range of integrated services to the Mexican oil
company PEMEX and was founded in 1973. This new joint venture company will
focus on providing high-end vessel solutions and marine asset services in
Mexico.

HIGHLIGHTS FOR THE QUARTER

* Revenue from operations USD 15.1 million for the quarter.
* EBITDA from operations is positive USD 6.7 million for the quarter.
* Operating profit of USD 4.2 million.
* Net finance negative USD 3.7 million.
* CSV Southern Ocean is 100 percent consolidated from the first quarter due
to change in control effective from 2014. This is related to implementing
of IFRS 10 Consolidated Financial Statements and IFRS 11 Joint
Arrangements.
* Oceanteam takes 40 % stake in new offshore shipping company. DOT Shipping
is a joint venture founded together with Grupo Diavaz focusing on the
Mexican market.
* Oceanteam has acquired ownership of the remaining 30 % shares in KCI,
design and engineering services.
* RentOcean delivered to CEONA a 2.000T modular carousel system in Brasil for
1 year plus options.
* RentOcean awarded a contract by LS Cable South Korea for a second 4.000T
modular carousel system for 1 year plus options.
* Bergen District Court upheld Oceanteam's appeal in the legal case against
Sawicon and NSS.

Please find attached the complete Q1 2014 report and presentation.

About Oceanteam Shipping ASA
Oceanteam Shipping ASA (Oslo Stock Exchange: OTS) is an offshore shipping
company. Its business is the owning, chartering and managing of Deepwater
Offshore Construction Service - and Pipe Lay Vessels In addition Oceanteam
Shipping provides complementary Engineering Services consisting of both
Engineering&Design Services and Equipment to support its clients.

For more information:www.oceanteam.no

-----------------------------------------------------------------------
|For further information about Oceanteam Shipping ASA please contact: |
|CEO Haico Halbesma: +31 20 53 57 570, haico@oceanteam.no |
|CFO Torbjørn Skulstad: +47 55 10 82 40, torbjorn@oceanteam.no |
-----------------------------------------------------------------------

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

OCEANTEAM SHIPPING ASA - Q1 2014 PRESENTATION
http://hugin.info/136936/R/1787833/614023.pdf
OCEANTEAM SHIPPING ASA - Q1 2014 REPORT
http://hugin.info/136936/R/1787833/614034.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Oceanteam Shipping ASA via Globenewswire

HUG#1787833

Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.