Oceanteam
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Oceanteam (OTS) investor relations material

Oceanteam has been delisted

Oceanteam H1 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2024 earnings summary28 Aug, 2024

Executive summary

  • Announced merger with Soiltech AS, with completion expected on 10 September 2024; Soiltech shareholders to own 93.35% of the combined entity, Oceanteam shareholders 6.65%.

  • Oceanteam has divested all operating segments and currently has no active business operations; remaining subsidiaries are dormant or being liquidated.

Financial highlights

  • H1 2024 loss from continuing operations was USD 0.6 million, unchanged from H1 2023; total loss for the period decreased to USD 0.6 million from USD 0.7 million year-over-year.

  • Revenue for H1 2024 was USD 40,000, with no significant business activity.

  • Personnel costs decreased to USD 0.2 million (from USD 0.4 million), while general & administration costs increased to USD 0.4 million due to merger-related expenses.

  • Cash position declined from USD 2.8 million at year-end 2023 to USD 2.0 million at 30 June 2024.

  • No interest-bearing debt as of 30 June 2024.

Outlook and guidance

  • Liquidity forecasts indicate outgoing cashflows will exceed incoming, but cash reserves are sufficient for more than 12 months.

  • The company is considered a going concern based on forecasts through 2025.

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    Frequently asked questions

    Oceanteam ASA is a Norway-based company providing offshore services, primarily involved in owning, chartering, and managing deep-water offshore support vessels, including construction support and fast support vessels. The company also offers equipment and engineering services focused on cable-laying solutions, such as demountable turntables and associated hardware for handling cables, pipes, and umbilicals. Oceanteam's operations cater to the offshore energy sector, including oil, gas, and renewable industries. The company is headquartered in Baerum, Norway, and its shares are listed on the Oslo Stock Exchange.