14 December 2012

OCEANTEAM SHIPPING ASA - CONVERTING TIME CHARTER INTO BAREBOAT CHARTER FOR CSV NORTH OCEAN 102

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Oceanteam Shipping ASA has concluded a bareboat charter agreement with a subsidiary of McDermott for CSV North Ocean 102. The CSV North Ocean 102 bareboat charter has a firm period lasting until 1 August 2015, plus 2 x 1 year options. Oceanteam Shipping ASA owns 50 % of CSV North Ocean 102.

The agreement becomes effective as of 1 October 2012.

The bareboat agreement will give McDermott the full operational freedom to operate, upgrade, and invest in the vessel. McDermott will continue to provide their clients with consistent, high-quality vessels as they have since 2009 when they entered the Joint Venture and long-term charter of the CSV North Ocean 102 followed by the delivery of LV North Ocean 105 in April 2012.

About Oceanteam Shipping ASA
Oceanteam Shipping ASA (Oslo Stock Exchange: OTS) is an offshore shipping company. Its business is the owning, chartering and managing of Deepwater Offshore Construction Service - and Pipe Lay Vessels In addition Oceanteam Shipping provides complementary Engineering Services consisting of both Engineering & Design Services and Equipment to support its clients.

For more information: www.oceanteam.no

For further information about Oceanteam Shipping ASA please contact:
CEO Haico Halbesma:   +31 20 53 57 570, haico@oceanteam.no
CFO Torbjørn Skulstad: +47 55 10 82 40, torbjorn@oceanteam.no

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.