Offshore cable layer Oceanteam, whose stock was pummeled yesterday, on Thursday posted a €5.8 million net profit for the third quarter on work helping set up wind parks and the arrival of new ships.

The share price was one of very few bright spots on energy burse Oslo on Thursday and was up nearly 20 percent on the news.

Oceanteam said windfarm work had helped push revenues to €27.6 million, up about €14 million over the same three months in 2007.

The net result wipes out a €500,000 net loss of a year ago, and the company’s 350 employees can look forward to a backlog worth €215 million in job security.

In short order, Oceanteam has captured a market for installing cable and umbilical for oil and gas and electricity customers.

With the arrival of construction support vessel North Ocean 102, the company will add more subsea, its original raison d’être, and growth is still forecast.

“To meet requirements generated (more projects), the company expects to charter in additional tonnage in 2009,” a statement said.

Tags: Oceanteam ASA