16 December 2016

OCEANTEAM ASA - DELIVERY OF THE CSV TAMPAMACHOCO 1 (T1) DEFERRED FOR ONE YEAR

Oceanteam's subsidiary Diavaz-Oceanteam Shipping (DOT) has come to an agreement with seller Pacific Radiance to postpone the delivery of the CSV Tampamachoco 1 (T1) for one year. Delivery is now scheduled for January 2018. The Oceanteam joint venture with Mexican-based Diavaz however holds an option to further delay the delivery for another year. Pacific Radiance will absorb the additional costs for the deferred delivery.

The vessel, which just completed her sea trails last November, is build on time, within budget and has already secured post delivery finance. Nevertheless, DOT and Pacific Radiance agreed that under current market circumstances it is prudent to postpone. However the vessel can be delivered on short notice when market circumstances improve.

Haico Halbesma, CEO of Oceanteam explains: "As a result of the ongoing challenging oil and gas market and thanks to the co-operative relationship between our companies, we have mutually agreed to delay the delivery of the vessel until January 2018."

New generation support vessel
T1 is the first in a series of a new generation topside and subsea maintenance vessels, developed by DOT Shipping and sailing under Mexican Flag. The T1 is a DP3 multi purpose, 300 p.a.x. vessel, which combines a 300 tons top side crane with an additional subsea crane capability, a 29 meter beam and a high capacity walk-to-work-system that is permanently installed. The combination of an innovative approach, long-time experience and strong engineering input from the DOT partners assures that new standards are set not only in position keeping capability, but also in terms of fuel consumption and comfort.

Also read:

Fugro NV retains charter contract CSV Southern Ocean

Oceanteam Solutions wins contract to engineer and supply 4000t and 2000t turntables

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.

About DOT Shipping
DOT Shipping is a joint venture between Grupo Diavaz of Mexico and Oceanteam ASA. DOT is also 50% owner of DOT Radiance and holds the option to buy out Pacific Radiance at a certain point in time against pre-agreed terms. DOT Shipping is a vertically integrated company operating as both ship owner and experienced operator and manager of Offshore Services Vessels in Mexico.

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.