03 February 2016

OCEANTEAM ASA - CSV BOURBON OCEANTEAM 101 EXPECTED TO BE RELEASED EARLY FROM ANGOLA CONTRACT

Oceaneering International Inc., the charterer of CSV Bourbon Oceanteam 101, has announced that a unit of BP has exercised its right, related to a Field Support Vessel Services contract between Oceaneering and BP for offshore work in Angola, to terminate its use of the chartered vessel Bourbon Oceanteam 101 at the end of May 2016. Prior to this notice, the work was scheduled to extend through the end of January 2017.

Following the release of the vessel BP and Oceaneering intend to redeliver the vessel to the owner.

Under the terms of the charter contract, the costs incurred and associated with an earlier release and demobilization of the vessel are to be reimbursed to the owner.

CSV Bourbon Oceanteam 101 is owned 50/50 through a joint venture between Bourbon Offshore Norway AS and Oceanteam ASA.
 

About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions' focus is to provide its clients with complete offshore solutions. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.

For more information: www.oceanteam.no

For further information about Oceanteam 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.