09 May 2017

OCEANTEAM ASA - MCDERMOTT EXERCISES OPTION TO PURCHASE PLV NORTH OCEAN 105

Oceanteam received the written notice from its joint venture partner McDermott in which it commits to purchase Oceanteam's remaining 25 percent stake in the vessel-owning company North Ocean 105 AS on 20 June 2017.

This is in line with the structure of the amended bond agreement that was executed during the bondholders' meeting held on 2 May 2017 and is another important step in Oceanteam's financial restructuring plan.

Oceanteam has already agreed that the proceeds of this sale will be used for repayment of vendors and certain lenders upon such funds becoming available.

Also read:

"Oceanteam and bondholders sign new bondholders agreement as part of Company's refinancing process"

"McDermott to exercise its option to purchase PLV North Ocean 105"


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 twelve years.

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 Wilhelm Bhn:  +47 55 10 82 40 , wilhelm@oceanteam.no


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