OCEANTEAM ASA interim report 1st quarter 2008

5/8/2008, 5:00 PM (Source: GlobeNewswire)
HIGHLIGHTS FOR THE QUARTER:
 
*           EBITDA is negative EUR 2.1 mill.
*           CSV Bourbon Oceanteam 101 completed mobilisation and
started operations for BP Angola BV
*           EON Robin Rigg offshore wind farm project offshore
operations delayed until Q2 2008. Remaining scope after contract
completion to be awarded separately by EON UK.
*           Agreement with the Management of KCI Oil & Gas Engineers
in the Netherlands for a joint venture for the renewables market. 
*           Contract signed with BARD Engineering GmbH for Inter
Array Cable Installation Services for the BARD Offshore 1 Wind
Farm, installation in 2009 & 2010.
*           Contract signed with EON Netz GmbH for Cable Installation
Services associated with the Alpha Ventus Offshore Wind Park in
Germany, installation in 2008.
*           IMERA obtains a further two licenses for interconnector
power cables between UK and France.
*           Further startup costs under IFRS of IMERA and Oceanteam
Subsea Services charged to profit and loss account
*           Agreement with Van Oord Offshore BV to purchase Marine
Cable Installation Assets
 
OCEANTEAM: GEARED FOR SIGNIFICANT GROWTH
 
During the last two quarters, Oceanteam has made considerable
investments in recruitment and training of personnel, secured access
to sufficient engineering capacity, equipment and support vessels.
This in combination with additional investments in Oceanteam Subsea
Services Ltd and IMERA Ltd, Oceanteam ASA is today well positioned
for managing a steadily increasing number of commercial projects.
 
About Oceanteam
Oceanteam is a niche services provider focused on servicing,
installation, trenching and IMR of flexible pipelines, umbilicals and
power cables. This includes the provision of subsea services,
installation teams, fully operational spreads and time charters.
Oceanteam is located in Bergen, Aberdeen, Willemshaven and Amsterdam.
 
The company's target markets are Oil & Gas, Offshore Renewables and
Offshore Grid / Interconnectors
 
For more information: www.oceanteam.no
 
 
 
For further information about Oceanteam, please contact:
CEO    Haico Halbesma      
+31.6.51409987                              haico@oceanteam.no
CFO    Knut Kvinnsland       
+47.90125896                                 knut@oceanteam.no
COO    Jon Mears                  +44 77 74 44 22
56                        jon.mears@oceanteam.net

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