The year 2019 has proven to be challenging for both Oceanteam’s Shipping and
Solutions segment but both segments have performed according to budgetary
expectations.

Significant reduced operational and financial cost combined with the sale of
non-contributing activities led to a return of profitability for 2019. The
equity ratio improved further to 74% (2018: 70%). 

In the Shipping division, both vessels were under contract during 2019, with an
average utilisation of 90%.

The Solutions division faced lower activity levels throughout the offshore wind
industry caused by cyclical permitting of new offshore wind farms by the
respective governments. Wind offshore projects are postponed to the coming
years. Together this led to the following 2019 results:

- EBITDA 2019 USD 7.8 million compared to USD 12.2 million in 2018 with a
declining margin of 43% compared to 48% in 2018;
- Net result before taxes decreased from USD 0.9 million in 2018 to break-even
in 2019;
- Net profit for the year is USD 0.7 million compared to a loss in 2018 of USD
0.1 million.

The book value and fair market value outweigh the secured debt on the joint
venture vessels. Apart from the joint venture debt, the Company further has USD
3.2 million shareholders’ loan for working capital purposes.

Success in 2020 will be driven by successful execution of the planned
class-related maintenance programmes for both vessels and winning new charters
straight thereafter. For both vessels we are in detailed negotiations with
existing and new clients to win new charters both in the oil & gas space as well
in offshore wind, and both long-term and short-term contracts. 2020 has started
well for our Solutions business and we expect this trend to continue for the
remainder of the year. Given the tough market circumstances as a result of the
outbreak of the coronavirus and the low oil prices, maintaining liquidity will
have our highest priority.

Keesjan Cordia, Chairman of the Board of Oceanteam ASA, says: “2019 was a year
of consolidation after a turbulent 2018. Our biggest achievements were winning
new projects resulting in high utilization of both our vessels against fair
charter rates. In 2020, this will be again our biggest challenge. With respect
to our Solutions business, main opportunities will occur in the renewable
industry with numerous projects starting. Oceanteam Solutions is well equipped
and positioned and has the advantage of having vessels in Oceanteam Shipping
that can perform services in both oil & gas as well as offshore wind industry.”


About Oceanteam ASA

Oceanteam is comprised of two operating segments, Oceanteam Shipping and
Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water
construction support vessels. Oceanteam Solutions is a service provider to the
renewable and oil and gas industry.  Providing equipment and services to
transport, store, transfer and handle subsea cables. Oceanteam has been active
in the industry as an offshore solutions provider for over twelve years.

For more information: www.oceanteam.nl
 
For further information please contact: 
Henk van den IJssel
CEO Oceanteam ASA                   
T +31 20 535 75 70
henkij@oceanteam.nl