24 April 2013

OCEANTEAM SHIPPING ASA - SELECTED BY LS CABLE TO SUPPLY 4000T MODULAR CAROUSEL SYSTEM

Oceanteam Shipping has been awarded a contract to supply LS Cable - a leading supplier of a wide range of industrial specialty cables - a certified 4000t modular carousel system, 10t tensioner and accompanying equipment for a two-year project.

The carousel and additional equipment will be used for the transportation of 2 x 50km of power cables from the LS cable plant in Donghae, South Korea to the project port of Doha, Qatar, which will take place in 2014 and 2015. To ensure smooth transportation and loading Oceanteam will also supply operators. LS Cable will commission a vessel, outfitted with all necessary equipment, to serve as an offshore transportation platform between Donghae and Qatar.

Oceanteam's new patented carousel series are designed for flexibility and quick mobilisation on standard modern PSV/CSV type vessels with limited deck load capacity for this type of equipment. The modular systems are delivered to the mobilisation site in 40ft containers and can be mobilised without vessel under deck reinforcement requirements. All system components are 'plug and play' and interchangeable.

As a result of this new philosophy the equipment is sea and road transportable and can be mobilised to any port around the world in a cost effective manner.

"We are very pleased and look forward to cooperate with LS Cable on this project. Being awarded with this contract shows the demand on Oceanteam Shipping's larger size modular carousels and the quality services and solutions we deliver, says CEO of Oceanteam Shipping, Haico Halbesma''.

Oceanteam Shipping ASA owns and operates from its deep water base in Velsen, The Netherlands a large pool of carousels, tensioners and burial equipment which its supplies and rents to a broad client base around the world to support offshore cable, pipeline and umbilical installations, transport and storage projects.

About Oceanteam Shipping ASA
Oceanteam Shipping (Oslo Stock Exchange: OTS) is an offshore shipping company.

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.