23 October 2016

OCEANTEAM ASA - ("OCEANTEAM" OR "COMPANY") INFORMS BONDHOLDERS OF THE DEFERRAL OF INTEREST PAYMENT ON SENIOR UNSECURED BOND AND STARTS DIALOGUE ON LONG TERM CAPITAL STRUCTURE

Following initial talks with banks last week kicking off the Company's planned capital restructuring, Oceanteam ASA will personally inform its bondholders as from 24 October 2016 that it will not meet its interest payments on the Senior unsecured Bond due that same date.

As part of the financial restructuring that was announced October 20th 2016, Oceanteam has already entered into dialogues with its banks and largest bondholders. The Company will continue this process with all its bondholders with the aim of establishing a revised capital structure and cost of capital supporting the long term growth of Oceanteam. 

"The deferral of the Company's interest payments is the immediate result of our short term cash position that has been depleted by reduced rates and costs related to the recent extensions of vessel contracts of CSV Bourbon Oceanteam 101 and CSV Southern Ocean and SPS for CSV Bourbon Oceanteam 101", says Wilhelm Bhn, CFO of Oceanteam. "Due to these events we are enduring unexpected delays in the first payments on charter hires on the above mentioned contracts and are not in a position to meet the interest payment obligations that are due on 24 October 2016 according to  Bond Agreement."

The Company is currently reviewing all alternatives available given the current market conditions. "We are aiming to continue our constructive dialogue with our banks and bondholders alike. We invite all bondholders who hitherto may not have had direct communication with the Company to contact us", says Bhn.

Oceanteam ASA will detail its capital restructuring plan as in near future.

Also read:

Oceanteam ASA initiates financial restructuring

Oceanteam manages to extend two vessel contracts



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. Oceanteam ASA has been active in the industry as an offshore solutions provider for over ten years.

For more information: www.oceanteam.no

For further information about Oceanteam ASA please contact:
CFO Wilhelm Bhn: +47 47 23 64 34, wilhelm@oceanteam.no
CEO Haico Halbesma:  +31 20 53 57 570,  haico@oceanteam.no


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.