Oceanteam expects to see increased demand for its services in the offshore renewables sector in 2017, despite the company making an overall loss of $3.1m in the fourth quarter of 2016.
“The company remains in a strong position to meet future demands and requirements in this market,” it said in its fourth quarter 2016 results.
Oceanteam said that it is eyeing further progress in the Chinese offshore wind market, as well as opportunities in western Europe.
“The Chinese market offers enormous opportunities for wind turbine suppliers, offshore solution providers and engineering firms, like Oceanteam Solutions and KCI,” it said.
However, Oceanteam said traditional markets, such as oil and gas, remain “challenging”.
The company’s overall loss of $3.1m in the fourth quarter was an improvement on the same period last year when its loss was $11.1m.
Despite the loss, chief executive Haico Halbesma said the company is “fully on track for future growth”.
A new agreement reached with the company’s bondholders last year and the offloading of its 25% stake in the North Ocean 105 vessel means “Oceanteam has secured the financing it needs and safeguarded its continuity as a going concern”, said chief financial officer Wilhelm Bohn.
Image: Oceanteam
