20 December 2013

OCEANTEAM SHIPPING ASA - RENTOCEAN DELIVERED ITS 4000T MODULAR CAROUSEL SYSTEM TO LS CABLE

RentOcean, a 100% owned subsidiary of Oceanteam Shipping ASA, has delivered a certified 4000t modular carousel system which has been built within 14 weeks and completed the Factory Acceptance Test successfully.

The carousel 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 and for laying the cables. RentOcean will therefore also supply tensioning equipment and a lay train. The project takes place in 2014 and 2015. The carousel will be transported to Ulsan mid-January for build up at LS Cable's key side.

The new patented carousel series are designed for flexibility and quick mobilisation on standard psv/csv with limited deck load. The carousels have, fully loaded, a maximum deck load of 8t m2 which can avoid under deck reinforcement. The modular systems are delivered to the mobilization site in 40ft containers. 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 mobilized in a cost effective manner to all ports globally.

About RentOcean
RentOcean owns and operates from its deep water base in Velsen, in The Netherlands, a large pool of carousels, tensioners and burial equipment which it 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.