Risk management and internal control


Oceanteam has sound internal control and systems for risk management that are appropriate to the extent and nature of the company’s activities. The internal control and systems include our corporate values and guidelines for ethical and corporate social responsibility. The board carries out an annual review of the company’s most important areas of exposure to risk and its internal control arrangements. To comply with section 3-3b of the Norwegian Accounting Act, the board provides an account in the annual report of the main features of the company’s internal control and risk management systems as they relate to the company’s financial reporting. 

Corporate governance


Corporate governance
Oceanteam is a Norwegian public limited liability company (ASA) listed on Oslo Børs (the Oslo Stock Exchange). The company is therefore subject to the corporate governance requirements set out in the Norwegian Public Limited Liability Companies Act 1997 (the NCA), the Norwegian Securities Trading Act of 2007 (the STA) and the Norwegian Stock Exchange Regulations (the SER).
 
An efficient Board of Directors directs Oceanteam and has collective responsibility for the success of the company. The board represents, and is accountable to, the shareholders of the company. The directors are appointed by the shareholders at a general meeting for a period of two years. The general meeting also elects the chairman of the board.
The board of directors’ duties include the strategic guidance of the company, an effective monitoring of the senior management, the control and monitoring of the company’s financial situation, and the company’s accountability towards and communication to its shareholders.
 

Financial strategy


Financial strategy
Oceanteam has a disciplined financial strategy.

The company is exposed to financial risk in different areas. Financial risks include interest rate and currency fluctuations, investment and trading risks in general. The overall strategy to reduce currency risk is largely based on natural hedging. Natural hedging means having revenue and costs in the same currency on a project basis. In some cases, the company’s interest rates strategy includes the use of interest swap agreements for loans.

Oceanteam strategy


Oceanteam strategy
Oceanteam’s mission is to create maximum value for its clients worldwide.
 
We operate in different markets and geographical areas, combining engineering know-how and a pool of special-purpose equipment with our fleet of large and advanced offshore vessels. This enables us to deliver complex offshore support (cable, pipeline and umbilical installations, transportation and storage projects) as a single service (one-stop shop).
 
We establish strong (local) partnerships and strategic alliances. Our ambition is to be a preferred partner in offshore solutions for economically and technically challenging projects in the oil and gas as well as offshore renewables industries.
 
Oceanteam has a disciplined financial strategy. We have long-term relationships with our banks and apply diverse sources of financing, avoiding high-yield bonds as much as possible. We continually work to improve our credit rating and reduce the cost of our capital.

 

Overview of our solutions


Overview of our solutions
Oceanteam Solutions can provide a complete set of high quality equipment suitable for offshore cable laying, umbilical installations, on- and offshore storage and transport.
 
 

Rental Equipment
 
  • Turntables
    Oceanteam Solutions is specialised in building and operating demountable turntable systems. We can design and produce turntables in various sizes, for onshore and offshore use and for a variety of cables, umbilicals, pipes or flowlines. We are known for delivering quality equipment and services within limited time; our turntables can be built in fewer than three months.

    Our turntable series is designed for quick mobilisation with limited deck load. All system components are ‘plug and play’ and interchangeable. The modular systems are delivered to the mobilisation site in 40 ft containers. This means the equipment can be transported by road and sea and taken to any port in a cost effective and time efficient manner.
     
  • Tensioners
    Oceanteam Solutions has four 10t tensioners for the installation of power cables and umbilicals. The tensioners are delivered with a control cabin and HPU. These robust systems can be easily bolted or welded to the deck and can by transported by road. We can also supply a 15t caterpillar tensioner for the installation of a variety of products with a diameter ranging from 70 - 630mm.
     
  • Reels
    Oceanteam Solutions supplies different sizes of storage reels with drive systems that can handle up to 500t of cables, umbilicals, pipes or flowlines. Reels up to 125t are modular and can be transported by road. In addition, cable handling and storage equipment as well as experienced cable handling crew are readily available.
 
Burial equipment
Our EB Sea Stallion 2m plough is designed to bury fibre-optic and small power cables to a depth of up to two metres in soils varying from sands and soft clay to stiff clays. The plough can be operated via its monitoring system from any suitable barge or vessel.

Cable and Umbilical Storage & Handling Solutions
Oceanteam Solutions focuses on the worldwide transport, handling and storage services under the Oceanteam umbrella and in close collaboration with Oceanteam’s other business units. The division has a long track record in cable and umbilical services. It has a pool of experienced staff plus equipment, vessels and engineering capabilities to provide a complete range of DNV ISO certified solutions.
The company has successfully executed over 50 cable transport, handling and storage projects. It currently offers facilities in Europe, the Middle East and Asia and is expanding its network.

Miscellaneous
Oceanteam Solutions has a variety of other installation equipment. Check the Oceanteam Solutions website to see a selection or contact us at info@oceanteamsolutions.com
Find out more about Oceanteam Solutions on our website

Design engineering

Oceanteam is a 100 percent strategic owner of the Netherlands based engineering firm KCI. This multidisciplinary engineering firm provides full design, engineering and consultancy services to the oil and gas and offshore renewables industries.
KCI designs and produces:
  • Complete platforms and infrastructure for the oil and gas and renewables industries
  • Deck lay outs, cable and pipe laying solutions for marine environments
  • Observation wheels
By working closely together with this highly innovative firm, Oceanteam can tackle all its customers’ design and engineering challenges.

Find out more about KCI on our website



Past and present projects


Past and present projects
Oceanteam has been involved in a wide range of offshore cable, pipeline and umbilical installations, transportation projects and storage systems for a variety of clients in the oil, gas and offshore renewables markets.

Project: Velsen cable storage, handling and splicing
Date: Start 2016
Scope: Supplying a German contractor a 4000t and 1100t onshore turntable system, personnel for cable handling, a workshop and accompanying equipment for a cable storage and splicing project. The turntable and additional equipment are being used for storage of cables at Oceanteam’s facilities in Velsen and for cable loadouts. 
 
Project: South Korea cable transports and handling
Date: Start 2016
Scope: Supplying a Dutch contractor two 2000t demountable turntables for cable transport to Europe and personnel for cable handling. The turntables and additional equipment were used for transport of multiple cables and cable loadouts in South Korea and Europe. Furthermore, Oceanteam Solutions executed the mobilisation and demobilisation of the equipment in Singapore.

Project: Zeebrugge cable storage and handling
Date: Start 2016
Scope: Contract to supply a 2500t onshore turntable system, personnel for cable handling and accompanying equipment for a long-term storage project. The turntable and additional equipment will be used for storage of cables at Zeebrugge and for cable loadouts. Mobilisation and demobilisation of the equipment in Zeebrugge will also be executed by Oceanteam Solutions. 

Project: Cable laying project in Germany
Date: Start 2016
Scope: Contract with a German contractor for supplying a lay spread for a cable laying project in Germany. The lay spread includes a 4000T modular turntable and loading tower with built-in tensioner. Oceanteam Solutions provided the equipment, together with its engineering subsidiary KCI, custom fit to the client. 
Project: Cable laying project in Mexico
Date: 2015
Scope: The lay spread consisted of a 10T tensioner, spooling machine, reel, level winder and winch and was operated by Oceanteam Solutions’ operators.
Project: Westermeerwind cable laying project
Date: 2014
Scope: contract to supply a Dutch contractor a portal with built in powered quadrant for the Westermeerwind near shore wind farm project. The portal was used in conjunction with four separate cable tanks, for which purpose it can be translated from one end of the supply barge to the other.
Project: Gemini Offshore Wind Farm cable storage project
Date: 2014/2015
Scope: Contract to supply a Dutch contractor a 3000t demountable onshore turntable system and accompanying equipment for a long-term storage project. The turntable and additional equipment was used for storage of cables at Eemshaven, The Netherlands for the Gemini Offshore Wind Farm. Oceanteam Solutions has also executed the mobilisation and demobilisation of the equipment to Eemshaven.
Project: Long- term cable storage
Date: 2014-….
Scope:  A long-term contract to supply a Dutch energy company with port facilities, offloading and storage of cables at Oceanteam Solutions’ cable storage facility in Velsen Noord. The cables were transferred from the vessel into Oceanteam Solutions’ cable basket for storage of up to 25 years. During the years more cables are expected to be stored.
Project: Transport cables South Korea - Qatar
Date: 2014/2015
Scope: Contract to supply a cable manufacturer two times a 4000t modular turntable system and accompanying equipment for a long-term project. The turntables and additional equipment were used for the transportation of cables from the cable manufacturer in South Korea to the project port of Doha, Qatar. To ensure smooth transportation and loading Oceanteam also supplied operators. Oceanteam Solutions also executed mobilisation and demobilisation of the equipment in South Korea and Qatar.
Project: Safaniya oil field cable transport
Date: 2014
Scope: Contract to supply a 1500t modular turntable system and a 10t tensioner. The turntable and additional equipment were used to transport cables for the Safaniya oil field. Oceanteam Solutions performed mobilisation of the equipment onto client’s vessel at its yard in Velsen Noord, The Netherlands.
Project: Long-term cable storage
Date: 2014-….
Scope:  A long-term contract to supply a German energy company with port facilities, offloading and storage of cables at Oceanteam Solutions’ cable storage facility in Velsen Noord. The cables were transferred from the vessel into Oceanteam Solutions’ cable basket for storage of up to 25 years. During the years more cables are expected to be stored.
Project: Cable laying project Brazil
Date: 2014-2015
Scope: Contract to supply a UK contractor with a 2000t modular turntable system and loading tower with built-in 15t tensioner. The turntable and the additional equipment were used on the Polar Onyx Vessel  for the installation of flexibles, which took place in 2014 and 2015 in Brazil. Oceanteam Solutions also supplied operators to ensure smooth operations.
Project: Cable laying project The Netherlands
Date: 2012-2014
Scope: Long-term contract to supply a 1250t modular turntable to be mobilised onboard Solstad Offshore ASA’s CSV Normand Flower for offshore renewables operations in the Southern North Sea.

Our diversification strategy


Our diversification strategy
Oceanteam consists of two operating segments: Oceanteam Shipping and Oceanteam Solutions, both operating through a variety of global business units and in different markets. This diversification strategy allows the company to maintain and improve its performance, even under challenging market conditions.  
At this moment, approximately 50 percent of Oceanteam’s earnings come from solution driven services. The company’s strategy is to maintain this earnings split.
 

Market outlook


Market outlook
The oil and gas market is characterised by volatility. Although the long-term fundamentals of markets and regions continue to be strong, the short and medium outlooks remain uncertain. This implies a stronger focus on the growing offshore renewables market. Offshore wind has significant generation potential in Europe with more and more large sites. The demand for services related to offshore wind is increasing and Oceanteam Solutions has received an increased number of requests for tenders. By focusing on cost reductions, we have also identified an increased demand for innovative and cost effective solutions.
More than 91 percent of all offshore wind installations can be found in European waters. However, governments elsewhere have set ambitious targets for offshore wind farms and development is starting to take off in China, Japan, South Korea, Taiwan and the US. Oceanteam Solutions is increasing its worldwide cable transport, handling and storage services to meet these targets.
Oceanteam Solutions operates in stable countries. It has strong local partners and a diverse client base. The flexible and scalable business model helps Oceanteam weather dynamics in the marketplace.  
 

Meet our partners


Oceanteam has always focused on establishing (local) partnerships and strategic alliances to ensure continuity in the growth of assets and services. The company has teamed up with strong partners with proven track records in their respective markets including:

Bourbon Offshore

As one of the market leaders in marine services for offshore oil and gas, Bourbonoffers the most demanding clients a wide range of marine services for offshore oil, gas fields and wind farms. Oceanteam and Bourbon jointly manage the CSV Bourbon Oceanteam 101 and the Southern Ocean.


Diavaz

Diavaz is one of the most experienced companies in the Mexican oil and gas market and has developed sound knowledge of the energy sector. The company is actively involved in marine operations, gas and exploration and production. Oceanteam and Diavaz have jointly founded DOT Shipping. The company focuses on providing high-end vessel solutions for the Mexican market and successfully delivered two FSV new-builds in late 2014.


McDermott

McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. Their locally focused and globally integrated resources include approximately 11,700 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. Oceanteam and McDermott manage the LV North Ocean 105

.


KCI

KCI's consultancy specialties include steady state & dynamic process modelling and simulation: pipeline network and facilities with commercial as well as in-house tools, production optimizing and forecast analysis, risk assessments on various aspects as well as economic analysis (CAPEX/OPEX estimate, fabrication/installation costs, economic models to determining real time project value, etc.). Through our close co-operation with KCI, Oceanteam Solutions provides full engineering design to clients in the onshore and offshore oil and gas and renewable industries.


Global reach


Global reach
Oceanteam is well-positioned in several important oil and gas exploration basins and is rapidly expanding its presence in areas that play a key role in the development of offshore wind farms. In addition, about 10 percent of our revenues come from the global umbilical installations segment.
 
The situation in the North Sea is challenging and we have made other regions part of our future growth strategies, including Latin America, West Africa and Asia Pacific. The diversification of our global business units makes us better able to deal with setbacks such as decreasing oil prices.
 
Geopolitical tensions mean regions develop at different speeds. Oceanteam has chosen to focus on stable regions and to team up with strong local partners with proven track records in their respective markets. A diversified client base also helps us increase our expertise and develop in different markets.

Responding to the demands of today
Contractors demand both flexible and efficient solutions that seamlessly connect to their own business. Oceanteam is able to meet these demands. Extensive standardisation allows us to customise our equipment quickly at competitive prices. Our turntables, for example, can be delivered within a three-month time frame.

DOT Shipping: exploring new ground
Mexico is amongst the top 10 largest oil producers in the world and ranked in the top 20 in terms of gas production. Over the last five years, the US side of the Gulf of Mexico decommissioning market has witnessed record levels of activity and expenditure, due to changes in federal regulations and declining shelf production. Recent energy reforms in Mexico saw certain restrictions on the state-owned oil company Pemex lifted to allow improved access to foreign businesses. More importantly, Subsea UK notes that the reforms also open up the region to international operators for deepwater development.
 
To take full advantage of the opportunities offered by these developments, Oceanteam has teamed up with Diavaz to found DOT Shipping. This company focuses on providing high-end vessel solutions for the Mexican market and successfully delivered two FSV new-builds at the end of 2014. Diavaz is one of the most experienced companies in the Mexican oil and gas market and has developed a sound knowledge of the energy sector. The company is active in marine operations, gas and exploration and production.

 

One Stop Shop


One Stop Shop
Oceanteam offers its clients a unique one-stop shop service. We are among the few companies in the world that …
 
  • combine both high-end engineering know-how, shipping expertise and special purpose equipment, into a single service to support a wide range of offshore cable, pipeline and umbilical installations, transportation and storage projects;
  • provide complex offshore support by building and operating a fleet of large and advanced offshore vessels;
  • and establish strong (local) partnerships and strategic alliances to ensure continuity in the growth of our clients' assets and services.

We aim to be a preferred partner in offshore solutions for economically and technically challenging projects in the oil and gas as well as offshore renewable markets.
 

Strong focus on quality, health, safety and environment


Strong focus on quality, health, safety and environment
Quality
Quality, health, safety and the environment (QHSE) are a key focus for Oceanteam. Oceanteam holds the DNV GL certificate ISO 9001:2008, demonstrating on a daily basis its ability to provide and improve services that meet customer, statutory and regulatory requirements. Our Project Management System (PMS) is used for project planning, scheduling, resource allocation and change management. It allows our employees to control costs and manage budgets, quality and documentation. Its main purpose is to facilitate the planning and tracking of project components, stakeholders and resources. The PMS challenges our employees to continuously develop high-quality solutions for our clients and remain on top of the market. The company encourages its employees to increase their knowledge continuously through training and project management courses.
 
In addition, we have our own company Code of Conduct that applies to all employees and takes precedence over all other company policies and guidelines. The Code of Conduct covers topics such as bribery and facilitation payments, conflicts of interest and fair competition, as well as gifts and hospitality, human rights, sponsorship and whistleblowing. All permanent employees and managers at Oceanteam must confirm annually that they have read the Code of Conduct and have carried out their tasks and responsibilities in accordance with the code during the previous year. We also require suppliers, subcontractors, representatives and other contracting parties to confirm their adherence to ethical standards.

Health & Safety
As an OHSAS 18001 certified company, Oceanteam has sound occupational health and safety management systems in place. This means  the company meets all regulations on issues such as the introduction of new staff (Display Screen Assessment, safety rules explained) and the provision of safety gear (overalls, hard hat, ear protection, steel toed boots, etc). Health, safety and environment inspections and audits are held on a regular basis, as well as awareness training sessions focusing on safe working practices (manual handling, risk assessment, hazardous substances awareness, etc.) In our weekly Toolbox talk meetings, we discuss the risks and risk mitigation measurements for upcoming jobs.
 
Environment
One of Oceanteam’s prime objectives is to minimise harm to the environment. The fleet consists of modern vessels and great efforts have been made to ensure that pollution is kept to a minimum.
The ISO 14001: 2004 certification ensures a systematic approach to environmental management and continuous improvement throughout the group. Oceanteam Shipping’s large vessels have DNV GL CLEAN design class notation for the lowest environmental impact. All ships have a double hull and engines comply with the latest requirements for emissions using fuel type MDF (Marine Diesel Fuel). In addition, all vessels have advanced waste and disposal treatment systems.
 
Goal of zero accidents
An important HSE goal is to achieve zero health, safety and environmental accidents. In 2014, only one minor accident was recorded in the Oceanteam group and no personal injuries were reported by any Oceanteam company. However, reported incidents and accidents are always followed up with an investigation. The results are recorded in a database which is accessible to all.


 
View the certificate

Shipping Market


Shipping Market
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Oceanteam ASA closes sale of 25% stake in North Ocean 105 to McDermott

Jun 21 2017 Today, Oceanteam and its joint venture partner McDermott closed the sale of Oceanteam's remaining 25 percent stake in vessel-owning company North Ocean 105 AS.  

Oceanteam attends OTC 2017

May 01 2017 From 1 to 4 May, the Offshore Technology Conference (OTC) takes place in Houston. OTC is where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters. OTC is the largest event in the world for the oil and gas industry featuring more than 2,300 exhibitors, and attendees...

Oceanteam moves into new office in Amsterdam

Mar 29 2017 As of April third, Oceanteam will move into a new office in Amsterdam. The new office is located at Westerdoksdijk, an A-location in the city centre, close to Amsterdam Central Train Station. At the same time, Oceanteam Solutions (OTS) will move into a larger building on their own base in Velsen-Noord. Both relocations will give...
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