Oceanteam Rides Growth Wave

Only five months after announcing the set up of a large-scale operation in Aberdeen, Oceanteam Power & Umbilical has made a series of strategic moves to sustain its long-term growth plans.

The company which specializes in subsea installation and construction has seen its workforce increase to in excess of 100 during a high level of offshore activity, and now has almost 30 staff based at its Waterloo Quay premises in Aberdeen.

It is also in the process of establishing an equipment base in Dundee with a warehouse and workshop facilities leased under negotiation with Forth Ports.

The independent operating company of Oceanteam Power & Umbilical AS in Norway has been gearing up for rapid growth since announcing its entry to the global subsea market earlier this year.

"Despite the skills shortages in the market, we have successfully strengthened the team with the recruitment of experienced management in engineering, survey and operations ," says Oceanteam Power & Umbilical managing director, Jon Mears. "This coupled with our recent multi-million Euro investments in vessels and new generation pipeline, flexible, umbilical and power product lay spreads ensures that we are ready to take on varied and complex projects in both the oil and gas and renewable energy sectors."

"Whilst Aberdeen remains our operational center, the facilities in Dundee offer an ideal base with deep water berths for our vessels at a competitive price."

Engineering manager, Mike Wooldridge, and Survey manager, Andrew McKeown, have recently joined the team. With extensive experience in flexible product engineering and analysis, Wooldridge was formerly with Pegasus, while McKeown (ex-Fugro) brings extensive positioning and survey expertise.

Oceanteam Power and Umbilical has just ordered a third construction support and flexible product installation vessel North Ocean 103 to be delivered in the third quarter of 2008, further strengthening its growth potential in the rapidly-expanding sector.

The new support vessel will become the company's third operating vessel North Ocean 101 is to be delivered in the third quarter of 2007 and North Ocean 102 in the first quarter of 2008.

The order for the third ship came after a bond issue with a loan amount of NOK 420 million. The bond issue closed in mid-September and was significantly oversubscribed. It will be constructed at the Metal Ships & Docks yard in Vigo, Spain.

Jon Mears added: "The ordering of the three vessels prior to the current surge in vessel construction activity and prices in 2005, coupled with the favorable delivery times, has created high interest from the market. We are very confident about future prospects for this vessel."

Oceanteam Power & Umbilical is an independent operating company of Oceanteam Power & Umbilical AS in Norway which is soon to be listed on the Oslo Stock Exchange after a successful completion of a private placement of shares in a share issue of NOK 240 million. Current market capitalization for the company is around NOK 600 million.

The Aberdeen company is on target to achieve its objectives in its first year of operation.

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