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Oceanteam ASA (OSL:OPU) Oceanteam ASA today announced its third quarter 2008 financial results, which show significant growth.
HIGHLIGHTS FOR THE QUARTER:
* EBITDA was positive with EUR 4.8 million * Net result is positive with EUR 5.8 million * CSV Bourbon Oceanteam 101 fully operational in Angola. * Alpha Ventus Offshore Windfarm Project performed with CLV Team Oman and CLB Oceanteam Installer. * Rhyll Flats Offshore Windfarm Project mobilized and operations ongoing. * Scroby Sands Offshore Windfarm export cable recovery and replacement cable installation project completed with CLB Oceanteam Installer * CLV Team Oman completes cable installation in Danish Sector.
Oceanteam's result for the third quarter of 2008 has increased substantially from that of Q2 due to high project activity and utilization of main assets. Operating profit for the quarter was EUR 2.7 million and the net profit for the quarter was EUR 5.8 million.
About Oceanteam ASA Oceanteam is an offshore services company focused on servicing, installation, trenching and IMR of Flexible Flowlines, Umbilicals and Power Cables. This includes the provision of subsea services, installation teams, fully operational spreads and time charters. Oceanteam has offices in Norway, United Kingdom, Germany, Mexico, Angola, Dubai and the Netherlands. The company's target markets are Oil & Gas, Offshore Renewables including associated Grid Networks and Power Interconnectors.
For more information: www.oceanteam.no
For further information about Oceanteam please contact: CEO Haico Halbesma +31.6.51409987 haico@oceanteam.no Interim CFO Ronald Moolenaar +31.6.53848550 ronald@oceanteam.nl
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