14 December 2016

OCEANTEAM ASA - FUGRO NV RETAINS CHARTER CONTRACT CSV SOUTHERN OCEAN

Last week, Fugro NV announced to no longer pursue the divestment of its subsea services business in Asia Pacific to Shelf Subsea. As a result, Fugro will retain all vessels, other equipment and personnel related to the business, including Oceanteam's CSV Southern Ocean.

This August, Fugro announced that the company had signed an agreement for the sale of its subsea services business in Asia Pacific to Shelf Subsea. However, parties were unable to reach agreement on some closing conditions and Fugro decided to no longer pursue the transaction.

Oceanteam's CSV Southern Ocean, which has been on long-term bare boat charter with Fugro TSM Australia since her delivery in 2010, will therefore not be transferred to Shelf Subsea Australia. As a result, the vessel will remain under contract by Fugro TS Marine Australia until the end of 2018 plus options for extension.

The CSV Southern Ocean is a DP2 Construction Support vessel (dynamic positioning class 2), that is characterised by her large cranes (1 x 250 and 1 x 100 tonnes fully heave compensated), 2400 m2 deck space, extensive accommodation and excellent seafaring capabilities. These characteristics enable Southern Ocean to be utilised for field support, construction, installation and IRM.

CSV Southern Ocean is owned by a joint venture between Bourbon Offshore Norway and Oceanteam.

For more information, please read Fugro's official statement.

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:
CEO Haico Halbesma          +31 20 535 7570          haico@oceanteam.no


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