TECO MARITIME ASA

TECO MARITIME ASA

Previous company name
TECO COATING SERVICES ASA
Name change date
8/1/2007
Company Overview
Teco Coating Services ASA, with its registered head office at Lysaker, Norway, is an active publicly quoted Norway-based company that is primarily engaged in the ship building and repairing industry. The group was founded in 1994 by Tore Enger.
Teco Coating Services ASA is the world leader in refurbishment of ballast tanks onboard any class of ship while in service. The group offers turn-key, high quality, low cost voyage repairs to ship owners for maintaining vessels while at sea. The group’s services include the blasting and painting of decks and superstructures, steel repair, pipe renewal, quality control, coating and material selection, preparation and application specifications, and in-service tank inspections.
Teco Coating Services ASA’s major customers include JJ Ugland, Teekay Shipping, Shell, Bonny Gas, Smedvig ASA and National Iranian Tanker Company. The group’s business strategy is primarily based upon the following principles: Reduced or no off-hire, Cost spreading over time, Quality control over a long period of time eliminates the risk of coating failure, Flexibility in regards to ship’s operation, Performance of general shipman’s work during ship operation, Safety and Quality in all aspects, and Be in the frontline regarding rules, regulations and class requirements.
Business Summary
TECO Maritime ASA specializes in the refurbishment of ballast and cargo tanks onboard any class of ship while in service, thus avoiding off-hire costs as well as excessive shipyard costs for the owner.
Description and history
TECO Maritime ASA specializes in the refurbishment of ballast and cargo tanks onboard any class of ship while in service, thus avoiding off-hire costs as well as excessive shipyard costs for the owner.

History

Teco, or the Teco Group of companies, is originally founded in 1994 by Tore Enger (Tore Enger is today Chairman of the Company). In the early days the company basically sold technical ships equipment and chemicals for tank cleaning towards product and chemical tankers. The Company acted as agent for Den Sin Cleaning system (high pressure equipment) in Singapore and later on started as agent for a German based company which carried out paint work onboard ships while at sea.

In 1996 the company carried out the very first coating job on itself, onboard MT Etillico, a 10.000 dwt chemical tankers owned by the largest tanker owner in the world, Mr. John Fredriksen. We also started up in Singapore as ship-chandler and technical support. This was a joint venture between TECO and Barwil (owned by Wilhelm Wilhelmsen ASA).

In 1997 TECO bought 50% of the shares in Den-Sin Cleaning Systems PTE LTD in Singapore. In October the same year TECO went public on the Oslo Stock Exchange.

In 1998 TECO bought 100% of Marine Trans AS and Marine Kurer AS (ships spare logistics).

In 1999 TECO established current business model for TECO Coating Services ASA. Bjarne Eia was hired as CEO and Managing Director for the Company, and he is holding the same position today. At that time the basic clients were H?egh Fleet Services AS and Bergesen dy ASA. Both of the mentioned clients are still large clients of TECO.

In 2000 TECO sold the shares in Den Sin. Later the same year the company used Marine Trans AS to create Marine Provider ASA (an e-procurement company).

Late 2000 (effective accounting vice, 1. Jan. 2001) TECO merged with Str?mme Ship Service and changed name to Str?mme TECO ASA. Just some 10 months later the parties involved agreed to separate. A management buy-out took place late 2001.

Accounting effective first of March 2002. The year ended as the best year ever. With 2003 behind us the company can conclude with historical figures again, almost NOK. 10.000.000,- before tax. Biggest clients are Frontline, H?egh, Golar, NITC, Ugland, Smedvig, and Shell.

In 2004 the market for coating at sea is set for growth and the company expects a strong and healthy 2004. The company is presently onboard 18 ships around the world (stated 1. March 2004).

Change of name
TECO Coating Services ASA (TECO) changes the companys name to TECO Maritime ASA. The new name is registered in the Register of Business Enterprises, and the company will from 02.08.2007, be quoted on Oslo Bors with the new name, TECO Maritime ASA.

Was founded by Tore Enger

Business Line
Engaged in the ship building and repairing industry
Subsidiary
TECO CHEMICALS AS
Advisor
PRICEWATERHOUSECOOPERS AS
IPO date
6/22/2004
US SIC Code
3731
Company Address
P.o.box 462

City province or state postal code
1327, LYSAKER
Phone: +47 67 200 300
Fax: +47 67 200 371
Country address: NORWAY
Website url: www.teco.no