Netherlands-based offshore installation expert Oceanteam said Wednesday its work schedule and pocket book will be hit hard by a deal to transfer work on StatoilHydro’s Gjøa and Nord Eon1 in the North Sea to offshore power expert ABB High Voltage and another contract.

While terms of the deal are secret, Oceanteam admitted the end of a long-term cooperation agreement with ABB that signals “less revenues” and “large restructuing costs in 2009”. Management flagged less work for vessels and personnel, and Oceanteam shares fell 2.5 percent on the news.

A Scandoil.com call to Oceanteam was not answered.

ABB and Global Marine Systems will still charter two vessels from Oceanteam, plus key staff for the rest of 2009.

The end of large-scale work with ABB leaves much Oceanteam equipment for hire in the U.K. port of New Castle. The capital goods include the CLB Explorer and a Heavy Duty Plough.

Oceanteam is a key player in the Europe’s installation of vast windpower capacity while also being part of the supply chain seen bringing land-based power to Norway’s offshore installations. Electricity from land is seen trimming offshore emissions.

Tags: ABB, Oceanteam ASA