Oceanteam has returned to the black in the third quarter as it continues to search for solutions to its financial problems.
Its net profit for the period stood at $2.5m, reversing a loss of $8.8m in the corresponding quarter of last year.
Oceanteam also posted a positive operating profit of $5.6m, compared to an operating loss of $5.9m.
Besides the good operational performance, Oceanteam acknowledged its financial headwinds.
It said: “While the company has proven that it is operationally and strategically agile, with a solid business model, the company’s financial situation is challenging.
“The company is facing financial restraints due to its current high cost of capital and its 2017 maturing debt capital structure, which is restricting the ability to develop in what the company believes is in the interest of its stakeholders.”
Oceanteam has started discussions with banks and bondholders and said it was aiming to improved day-to-day cash flow.
