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OSVS & CABLE INSTALLATIONS


MPI DISCOVERY STARTS INSTALLATION OF WIND TURBINES AT RAMPION


MPI is pleased to announce that wind turbine installation vessel (WTIV) MPI Discovery has commenced installation of the MHI Vestas V112-3.45 offshore wind turbines at the Rampion Offshore Wind Farm off the south coast of England.


MPI Discovery started foundation installation on the Rampion Offshore Wind Farm in January 2016. By November 2016, all 116 monopiles and transition pieces were installed by MPI Discovery and Pacific Orca. Following successful completion of the foundation installation campaign, MPI Discovery has now been mobilised for the turbine installation campaign. Prior to this, MPI Discovery was utilised for a bolt tensioning campaign in order to finalise the foundation installation works.


In addition, MPI has also been contracted to provide sister vessel MPI Adventure, including all project management and engineering services, to install the turbines in parallel with MPI Discovery. MPI Adventure is scheduled to join MPI Discovery during the summer of 2017.


MPI Discovery and MPI Adventure are state-of-the-art offshore installation vessels. Designed to transport, lift, install and decommission components such as foundations, wind turbines, met masts and transformer stations, they are among the world’s most well- proven installation vessels in terms of jacking speed, deck space, lifting capacity, accommodation facilities and positioning capabilities (DP2).


Rampion OWF is a 400 megawatt project


OCEANTEAM REPORTS REVENUES OF US$ 11.2 MILLION IN FOURTH QUARTER 2016


Oceanteam ASA has recorded US$11.2 million revenues from operations and an EBITDA of US$ 2.8 million in the fourth quarter of 2016. Although faced with a nett loss of US$ 3.1 million in the fourth quarter of 2016, the Dutch- Norwegian offshore service provider is fully on track for future growth, says CEO Haico Halbesma who reached an agreement on new terms with its bondholders after 2016 year ending. As a result, Oceanteam ASA, will have a significantly improved free cash flow and structural lower interest costs as from January 1st 2017, creating a healthy foundation for further growth.


In the fourth quarter 2016 (hereafter indicated as Q4), the Company’s operations met performance forecasts under very challenging market conditions. The company also made solid progress in terms of increasing the share of revenues from its Solutions division, which came in at 40% in Q4 underlining the success of its market diversification strategy.


For Oceanteam, Q4 was a combination of business as usual and preparing the company for a future of high performance and returns. “The management and the teams of our


p30 | www.sosmagazine.biz | April 2017


operating companies were very much focused on their day-to-day market opportunities and challenges. These included securing our vessel charter rates and current backlog and tendering for new contracts, especially in the field of equipment and engineering solutions. Additionally, they were exploring new opportunities in areas such as renewable energy and civil engineering.


In late October 2016, the Executive Board and management initiated proactive and constructive talks with our bondholders and banks to discuss a new capital foundation for the company.


Wilhelm Bohn, recently appointed as CFO of Oceanteam ASA, comments: “We expect to announce the new terms we have since agreed with our bondholders shortly after the publication of the Q4 press release and Q4 report. We believe the new agreement reflects the firm belief all the stakeholders involved have in the future direction and proven track record of our company. Thanks to the agreement with its bondholders and including the sale of the North Ocean 105 (expected effective no later than 1 May 2017), Oceanteam ASA has secured the financing it needs and


safeguarded its continuity as a going concern.” Business areas


The current state of the Oil & Gas market is expected to remain challenging for the coming period, according to the Company.


“However, our early focus on Offshore Renewables, Engineering & Logistic Solutions, plus our expansion in certain geographical areas, will help the company to safely navigate the current market low, as well as the structural changes in the Oil & Gas market”, comments CEO Halbesma. “We are also in the process of creating new revenue sources in the field of civil engineering, offshore-related logistic solutions, while using the same core capabilities that have made Oceanteam the distinguished niche player it is known as today.


Market outlook


The main factor in the market outlook is the turmoil in the oil price. The volatile environment for oil and gas prices and activity has created significant market challenges for our industry, but also opportunities. With the Company’s expertise in combining engineering, shipping and equipment, the Company is ready to add more value for our clients.


being built 13 kilometres off the coast of Sussex and a joint venture between E.ON, the UK Green Investment Bank and Canadian energy company, Enbridge. Once completed, the wind farm will produce enough energy each year to supply almost 350,000 households. The wind farm is scheduled to be finished and ready for operation in 2018.


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