19 May 2014

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

RentOcean, a 100 percent owned subsidiary of Oceanteam Shipping ASA, has been awarded a contract to supply LS Cable - a leading supplier of a wide range of industrial specialty cables - a second 4000t modular carousel system and accompanying equipment for a long-term 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. This new build 4000T carousel is an addition to the already delivered 4000T carousel, of which the buildup in Korea is almost completed.

The new patented carousel series is designed for flexibility and quick mobilisation on standard PSV/CSV with limited deck load. Fully loaded, the carousels have a maximum deck load of 8t m2, eliminating the need for under-deck reinforcement. The modular systems are delivered to the mobilisation 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.

"We are very pleased that we can further support our client on this project. Being awarded with this contract shows that LS Cable feels confident that RentOcean can deliver what they promise; quality equipment and services within limited time, says Managing Director of RentOcean, Lex van Doorn''.

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.

For more information: www.rentocean.nl

 For further information about RentOcean please contact:
 MD Lex van Doorn: +31 20 53 57 570, lex@rentocean.nl

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.