01 October 2014

OCEANTEAM'S SUBSIDIARY DOT HOLDINGS CLOSES CONDITIONS SUBSEQUENT ON 50% STAKE IN NEW OFFSHORE SUPPORT VESSEL

Oceanteam Shipping ASA announced today that it has closed, through its joint venture DOT Holdings AS, an interest in a new build Offshore Support Vessel.

As a result a partnership with Pacific Radiance Ltd. is now fully established.

With reference to press release 9 September 2014 the initial interest of DOT Holdings AS is 50%. The investment comes with an option to buy the remaining 50% after a period of 7 years against agreed terms. The commercial terms remain confidential. The project is fully financed.

Further announcements will be made in due course.

Through the partnership and joint vessel ownership with Singapore stock listed Pacific Radiance Ltd., DOT Holdings AS has secured a long term partnership with a highly competent and strong partner.

Pacific Radiance Ltd owns and operates over 130 high end offshore support vessel and has world-wide operations.


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   

About Pacific Radiance Ltd

The Pacific Radiance Group of Companies is an established owner and operator of offshore vessels and a provider of subsea services, shipyard services, marine equipment as well as project logistics to the global oil and gas industry.

For more information: www.pacificradiance.com

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.