Oceanteam sees Mexico ops 'growing significantly' due to JV

Mexico remains a captive market that offers opportunities and Norwegian firm Oceanteam Shipping expects its operations to grow significantly following the launch of DOT Shipping, a JV with Grupo Diavaz, the Oslo-listed firm said in its Q3 report.

The pace of the market has changed due to low oil prices, but a change in requirements is still imminent as a result of the increase in offshore oil and gas activity after the Mexican energy reform, and the company's JV with Mexican offshore construction and maintenance firm Grupo Diavaz is an important milestone, the company said.

The JV, formed in 2014, is expected to see Oceanteam's operations in Mexico increase significantly, the Bergen-based shipping and offshore solutions company said.

The company will take delivery of a large CSV named Tampamachoco at end-2016 that will be deployed on a long-term contract in Mexico.

Oceanteam outlined its Mexico goals as providing a complete vertical supply chain through cutting-edge engineering solutions and high-end quality vessels, and to date the company has secured three long-term contracts in the country.

The company's shipping revenues totaled US$12mn in 3Q15, down from US$19mn in 2Q15, with shipping accounting for 49% of total income; while its solutions segment provided the remaining revenues, which totaled US$22.9mn.