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I have some questios about the listed (OSE) Norwegian company Oceanteam Shipping.
My questions are related to the company’s construction support vessel fleet, which is jointly managed by the company. OTS owns three vessels, "Bourbon Oceanteam 101" (50/50 with Bourbon Offshore Norway), "North Ocean 102" (50/50 with J.Ray McDermott Norway) and the "Southern Ocean" (50/50 with Bourbon Ocean Norway).
Complete specs for the vessels attached to the post. Quick specs: All three where built after 2007 (2007,2008,2010). Length approx 120-140m, 2x cranes approx. 150-200t.
Independent valuation on the vessels fair value (?), would be most appreciated.
The 101 is currently on an one year time-charter with BP angola. The 102 is on a five year time-charter with McDermott, and the SO is on a three year bareboat contract with TSMarine Australia.
What would the typical day rate for the respective vessels be, regarding the specs, and type/duration of the contract?
I am asking as, a consequence of the extremely low share price (close at Friday NOK 0,68) stands in contrast with asset valuations by the company (NOK 1,95 per share), and eps (earnings per share) at approximately NOK 1,0-1,3 (based on our current Q2 revenue estimates).
The low share price comes as a result of a financial risk, in connection with outstanding subscription rights (150m), if a NOK 400m bond loan is not repaid before June 2014. This should, however, be possible to handle in a reasonable manner, with the values possessed by the company, and the earnings from its operations.
It would therefore be very useful, with comments from someone with a direct link to the segment, and possibly, with Oceanteam Shipping or some of its partners.
I will forward relevant information from replies, to the Norwegian stock forum xtrainvestor.com – which, by the way, is far by the best forum on stocks listed at the Oslo Stock Exchange.
Thanks in advance.
Regards from Norway
spec_so_104_609.pdf Description: Specs SO Filename: spec_so_104_609.pdf 
Downloadspec_no_102_122.pdf Description: Specs 102 Filename: spec_no_102_122.pdf
Downloadspec_bo_101_467.pdf Description: Specs 101 Filename: spec_bo_101_467.pdf
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